The turnover of Armenia's IT sector in 2023 reached 837 billion drams ($2.12 billion), which is 252 billion drams (over $630 million) or 43% higher than in 2022. This information comes from a report by the consulting company Modex, which conducted research on Armenia's IT sector for 2023.
According to the report, approximately 87%, or 755 billion drams ($1.91 billion), of the turnover of the IT sector was realized in external markets (i.e., exported), while 13%, or 114 billion drams, were on the domestic market.
Overall, there were 3958 companies (+34% year-on-year) and 7713 individual entrepreneurs (+66%) operating in the IT sector. "As of the end of 2023, the number of full-time or contract employees in the IT sector amounted to 33,980 people," the report said.
It is noted that IT companies collectively paid about 135 billion drams or $340 million in taxes to the state budget (+51% year-on-year).
As of the end of 2023, 9275 foreigners were employed in Armenia's IT sector.
"Approximately 89% of them are citizens of Russia, 3% are from Iran, and 2% are from Belarus. It is worth noting that the number of Russian IT specialists in the country reached its peak in June 2023, reaching 8613 people, and then gradually decreased to 8262 by the end of the year," the report said.
