Armenia: Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$)

Key figures

What the numbers say

In 2024, Armenia's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) rose US$68.99 million on 2023 (from US$209.54 million to US$278.53 million).

Across the 21 yearly changes before that (2003 to 2023), the average change was +US$10.08 million and a typical year strayed about US$363.21 million from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was US$675.13 million in 2010 and the biggest yearly fall was US$826.34 million in 2015. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 11% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Armenia had the 23rd highest value of the 79 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Armenia in the 2024 ranking

• Guatemala — 20th of 79: US$350.03 million
• Angola — 21st of 79: US$315.18 million
• North Macedonia — 22nd of 79: US$301.41 million
• Guyana — 24th of 79: US$273.87 million
• Rwanda — 25th of 79: US$205.31 million
• Bosnia and Herzegovina — 26th of 79: US$199.7 million

What this measures

Private nonguaranteed external debt is an external obligation of a private debtor that is not guaranteed for repayment by a public entity. Net flows (or net lending or net disbursements) received by the borrower during the year are disbursements minus principal repayments. Long-term external debt is defined as debt that has an original or extended maturity of more than one year and that is owed to nonresidents by residents of an economy and repayable in currency, goods, or services. Data are in current U.S. dollars.

Regional and income-group figures are computed by the World Bank as a sum.

All 23 values

Net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) in nearby economies

• Albania — US$427.28 million (2024)
• Azerbaijan — US$368.86 million (2024)
• Belarus — −US$824.5 million (2024)
• Bosnia and Herzegovina — US$199.7 million (2024)
• Bulgaria — US$106.5 million (2022)
• Georgia — US$525.91 million (2024)
• Kazakhstan — −US$5.32 billion (2024)
• Kosovo — US$99.68 million (2024)

More economic policy & debt data for Armenia

• Adjusted savings, education expenditure (% of GNI) — 2.72% (2021)
• Adjusted savings, mineral depletion (current US$) — US$448.08 million (2021)
• General government final consumption expenditure (current US$) — US$2.98 billion (2025)
• General government final consumption expenditure (current LCU) — 1.15 trillion (2025)
• General government final consumption expenditure (% of GDP) — 10.19% (2025)
• Households and NPISHs final consumption expenditure (current US$) — US$20.79 billion (2025)
• Households and NPISHs final consumption expenditure (current LCU) — 8.05 trillion (2025)
• Households and NPISHs final consumption expenditure, linked series (current LCU)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Armenia's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$)?

US$278.53 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2002?

It is up 13,301% from −US$2.11 million in 2002. The highest value was US$934.54 million in 2020 and the lowest −US$201.89 million in 2017.

How does Armenia rank?

23rd highest of 79 economies with data for 2024.

Is the latest change in net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) unusual for Armenia?

In 2024, Armenia's net flows on external debt, private nonguaranteed (PNG) (NFL, current US$) rose US$68.99 million on 2023 (from US$209.54 million to US$278.53 million). Across the 21 yearly changes before that (2003 to 2023), the average change was +US$10.08 million and a typical year strayed about US$363.21 million from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator DT.NFL.DPNG.CD, licensed CC BY 4.0. Original source: International Debt Statistics, World Bank (WB), uri: https://www.worldbank.org/en/programs/debt-statistics Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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