The economy of Armenia was based largely on industry – chemicals, electronic products, machinery, processed food, synthetic rubber, and textiles – and highly dependent on outside resources until independence.
Copper, zinc, gold, and lead are produced in Armenian mines. The vast majority of energy is produced with imported fuel, including gas and nuclear fuel from Russia; the main domestic energy source is hydroelectric.
New sectors, such as precious stone processing and jewelry making, information and communication technology and tourism are beginning to supplement more traditional sectors.
Yerevan is the industrial, financial and cultural center in Armenia. Republic of Armenia has registered dynamic economic growth since 1995. The gross domestic product (GDP) of the Republic of Armenia has risen up to 14%.
Millions of investments were input in Armenia from abroad, particularly on behalf of Armenian diaspora, which has stimulated the development of infrastructure, construction of new buildings, development of hotel and tourism service system. Most imoprtant roads and cultural centers were reconstructed thanks to the investments of a well known benefactor Krk Krkoryan.