The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.
The economy of Georgia is an emerging free market economy. Its gross domestic product fell sharply following the dissolution of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer, and has consistently ranked the country at the top of its ease of doing business index.
Stepanakert or Khankendi is a city in Karabakh Economic Region, Azerbaijan, in the region of Nagorno-Karabakh. The city is located in a valley on the eastern slopes of the Karabakh mountain range, on the left bank of the Qarqarçay (Karkar) river.
Artsakh, officially the Republic of Artsakh or the Republic of Nagorno-Karabakh, was a breakaway state in the South Caucasus whose territory was internationally recognised as part of Azerbaijan. Between 1991 and 2023, Artsakh controlled parts of the former Nagorno-Karabakh Autonomous Oblast of the Azerbaijani Soviet Socialist Republic, including its capital Stepanakert. It had been an enclave within Azerbaijan from the 2020 Nagorno-Karabakh war until the 2023 Azerbaijani offensive, when the Azerbaijani military took control over the remaining territory controlled by Artsakh. Its only overland access route to Armenia after the 2020 war was via the 5 km (3.1 mi) wide Lachin corridor, which was placed under the supervision of Russian peacekeeping forces.
Romania's tourism sector had a direct contribution of EUR 5.21 billion to the Gross Domestic Product (GDP) in 2018, slightly higher than in 2017, placing Romania on the 32nd place in the world, ahead of Slovakia and Bulgaria, but behind Greece and the Czech Republic. The total tourism sector's total contribution to Romania's economy, which also takes into account the investments and spending determined by this sector, was some EUR 15.3 billion in 2018, up by 8.4% compared to 2017.
The Artsakh Defence Army was the defence force of the breakaway Republic of Artsakh. Established in 1992, it united previously disorganized self-defence units which were formed in the early 1990s with the goal of protecting the ethnic Armenian population of Nagorno-Karabakh from attacks by Soviet and Azerbaijani armed forces.
The Republic of Artsakh was a republic with limited recognition in the South Caucasus region. The Republic of Artsakh controlled most of the territory of the former Nagorno-Karabakh Autonomous Oblast. It was recognized only by three other non-UN member states, Abkhazia, South Ossetia and Transnistria. The rest of the international community recognized Artsakh as part of Azerbaijan. In November 2012, a member of Uruguay's foreign relations committee stated that his country could recognize Nagorno-Karabakh's independence. In 2012, Armenia and Tuvalu established diplomatic relations, which led to speculation of possible recognition of Artsakh by Tuvalu. In October 2012, the Australian state of New South Wales recognized Nagorno-Karabakh. In September 2014, the Basque Parliament in Spain adopted a motion supporting Artsakh's right to self-determination and in November 2014, the Parliament of Navarre, also in Spain, issued a statement supporting Artsakh's inclusion in taking part in settlement negotiations.
The coat of arms of the Republic of Artsakh consisted of an eagle above which is an ornamented crown. On the chest of the eagle is a shield with a panorama of a mountain range and under it a vertically set Flag of the Republic of Artsakh. Over this are the two stone heads of "Granny and Gramps" from the We Are Our Mountains monument in Stepanakert, the capital of Artsakh. The eagle's feet clutch various agricultural products including wheat and grapes. The outer rim is made up of a golden circular ribbon bearing inscription "Լեռնային Ղարաբաղի Հանրապետություն-Արցախ, Lerrnayin Gharabaghi Hanrapetut’yun-Arts’akh" in Armenian.
Tourism in San Marino, known also as the Most Serene Republic of San Marino is an integral element of the economy within the microstate. The tourism sector contributes a large part of San Marino's GDP, with approximately 2 million tourists visiting per year.
Before the 2020 Nagorno-Karabakh war, the economy of the Republic of Artsakh was small, but rapidly growing. The economy of Karabakh showed a relatively quick and confident recovery from the 1991-1994 war. In 1999, the GDP figure was $59 million, 80 percent down on the figure in Soviet times. Yet, the GDP of the Republic of Artsakh reached $114 million in 2005, double the figure in 2001, registering economic growth of 14% in 2005, and in 2009 it registered a GDP of $260 million, which increased to $320 million by 2010. Nagorno-Karabakh's GDP (PPP) for 2010 was estimated at $1.6 billion.
Tugh or Togh is a village in the Khojavend District of Azerbaijan. The village had a mixed Armenian-Azerbaijani population before the First Nagorno-Karabakh War, the Azerbaijani inhabitants fled the fighting in 1991, and the Armenian population fled the village during the 2020 Nagorno-Karabakh war.
Tourism in Armenia has been a key sector to the Armenian economy since the 1990s when tourist numbers exceeded half a million people visiting the country every year. The Armenian Ministry of Economy reports that most international tourists come from Russia, EU states, the United States and Iran. Though relatively small in size, Armenia has four UNESCO world heritage sites.
On 2 June 1992, the Nagorno-Karabakh Republic (NKR), a breakaway state in the South Caucasus region, adopted a flag derived from the flag of Armenia, to which a white, five-toothed, stepped carpet pattern is added, beginning at the two verges of the flag's fly and meeting at a point equal to one-third of the distance from that side. The NKR was renamed the Republic of Artsakh in 2017 after a referendum and retained the flag. Following an Azerbaijani offensive on 19 September 2023, Artsakh agreed to dissolve itself by 1 January 2024.
Visitors to Artsakh had to obtain a visa, unless they came from one of the visa exempt countries.
Karen Mirzoyan is a diplomat of Armenia and of the unrecognized Republic of Artsakh. From September 2012 until September 2017 he served as the Republic's Minister of Foreign Affairs.
The Ministry of Defence of Artsakh was a government agency of the unrecognized Republic of Artsakh. It was the executive body in implementing defence policies of the Artsakh Defence Army. The final minister of defence was Lieutenant General Kamo Vardanyan. Following an Azerbaijani assault on 19 September 2023, Artsakh agreed to dissolve itself by 1 January 2024.
Artsakh Wine Fest was a festival which took place annually since October 18, 2014, in the Tugh village of the Khojavend District of Azerbaijan, which before the 2020 Nagorno-Karabakh war was under the control of the self-proclaimed Republic of Artsakh as part of its Hadrut Province. The festival was of repetitive nature and was held on the third Saturday of each September.
Yerevan Wine Days is a street wine festival in Yerevan, Armenia. The festival has been held annually since 2017 and takes place on several central streets of Yerevan. Since 2021 the festival is held on the first week of June. In 2023 Yerevan Wine Days has more than 120.000 visitors.
Suren Barseghyan is an Armenian military personnel, participant of the Second Nagorno-Karabakh war, commander of the World Volunteer Detachment. In 2020 he was awarded the Hero of Artsakh military award, which is the highest honorary title of the self-proclaimed Republic of Artsakh.
From the breakup of the Soviet Union in 1991 to the 2023 Azerbaijani offensive in Nagorno-Karabakh, the city of Stepanakert was the capital of the unrecognized breakaway Republic of Artsakh, while being internationally recognized as part of Azerbaijan.
