Armenia is in South Western Asia, east of Turkey. The climate is mostly highland continental with hot summers and cold winters. The official language is Armenian. Russian is widely spoken and younger people often speak English and French. The main religion is Christianity. The Armenian economy heavily relies on investment and support from Armenians abroad. Before independence, Armenia's economy was largely industry-based – chemicals, electronics, machinery, processed food, synthetic rubber, and textiles and was highly dependent on outside resources. The republic had developed a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy. Agriculture accounted for less than 20% of both net material product and total employment before the dissolution of the Soviet Union in 1991. After independence, the importance of agriculture in the economy increased markedly, its share at the end of the 1990s rising to more than 30% of GDP and more than 40% of total employment. In Armenia people are generally conservative and proud of their ancient history and hospitality. Business is generally formal, but may involve many after-work dinners often involving toasts of shots of vodka or cognac. Good networking is considered essential for successful business in Armenia, which is usually conducted in Armenian, though many people also speak Russian. Expatriate women are advised to follow common-sense security precautions. The security risk for expatriates in Armenia is low overall, but medium near the border with Azerbaijan. Risks include general crime, territorial conflict with Azerbaijan which flares up from time to time near the borders, hazardous driving conditions due to poor road maintenance and severe winter weather. The currency of Armenia is the Armenian Dram (AMD). Credit cards are generally accepted at most major stores and restaurants in Yerevan but may not be accepted elsewhere. There are many ATMs in Yerevan. Medical facilities are generally poor, particularly outside Yerevan. In general medical treatment is not recommended for anything other than minor or straightforward ailments. The population of Armenia is 2.9 Million (2018 est.), while the inflation rate (CPI) is 2.4% for Armenia as at April 2018. For a single Expat, the personal income tax rate in Armenia is progressive up to 36%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Armenia, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Armenia as at 1 April 2018 is very low in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very Low 2) Clothing: High 3) Communication: Low 4) Education: Low 5) Furniture & Appliances: High 6) Groceries: Very Low 7) Healthcare: Very Low 8) Household Accommodation: Average 9) Miscellaneous: Very High 10) Personal Care: Low 11) Recreation & Culture: Average 12) Restaurants Meals Out and Hotels: Very Low 13) Transport: Very Low Armenia is for example -40.9% cheaper than USA for groceries, -12.8% cheaper for household costs than UK, and 22.8% more expensive for transport costs than India. The hardship premium for Armenia for an expat from Australia, is for example 30%, i.e. host location (Armenia) premium of 40% minus home (Australia) location premium of 10%. Armenia is ranked as a extreme hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Armenia? Register subscribe to your home location and Armenia and run your personalised reports.