Insights

As of October 2024, the number of PMP-certified professionals in Armenia reached 429, a 64% increase compared with July 2022. In 2024 Armenia leads CIS countries by the number of active PMP certificate holders per million population.

In January-September 2024, RA banks registered AMD 268 billion net profit, which is about 25% more than last year. The highest profit was registered by Ardshinbank (AMD 83 billion). All banks made a profit, but 3 out of 18 commercial banks recorded a decrease in net profit.

In 2024, the number of professionals with a CFA certificate in Armenia reached 61, an increase of 16 or 26.2% compared to 2020. As in 2020, in 2024 Armenia continues to lead CIS countries in the number of CFA charterholders per million population.

Over the last 10 years, the top 10 Armenia-born tech startups by funding size raised around $490 million in funds, with Picsart accounting for 39.8% or $195 million. Among these startups, only Picsart and CodeSignal have raised Series C funding, securing $130 million and $50 million, respectively․ In 2024, EasyDMARC ($20 million), Podcastle ($13.5 million), […]

In January-June 2024, 79 IT companies were included in the list of 1000 large taxpayers, and they provided a net income of AMD 45.9 billion for the state budget, which is AMD 123 million less than in the same period of 2023. The IT companies included in the list of 1000 largest taxpayers together provided […]

In January-June 2024, RA banks registered AMD 172 billion net profit, which is about 1.2 times higher than last year. The highest profit was registered by Ardshinbank (AMD 50 billion). All banks made a profit, but 4 out of 18 commercial banks recorded a decrease in net profit.

You can learn more about the IT sector of Armenia in the report prepared by Modex advisory company.

Note: The taxes paid by each company is calculated as the difference between the total amount paid by the company and the amounts returned to the unified account in terms of VAT and excise tax.

In 2023, RA banks registered AMD 230 billion net profit which is 9% less than last year. Ardshinbank registered the biggest profit with AMD 62.7 billion. All banks, except Artsakhbank and Armswissbank, operated with profit, however 6 out of 16 commercial banks recorded a decrease in net profit.

After the outbreak of the Russian-Ukrainian war, thousands of IT professionals left Russia and settled in Armenia. As a result, by the end of 2022, the number of registered IT professionals in Armenia increased by almost 46% compared to January 2022. However, due to the continuing devaluation of AMD, the outflow of Russian professionals, a […]

Note: The taxes paid by each company is calculated as the difference between the total amount paid by the company and the amounts returned to the unified account in terms of VAT and excise tax.

In January-September 2023, 69 IT companies were included in the list of 1000 large taxpayers. In January-September 2023, IT companies from the list paid AMD 59 billion in taxes or 4.2% of the total income supervised by the State Revenue Committee (SRC). 69 IT companies paid AMD 8.4 billion as profit tax, of which 20% […]