Gravity Model Simulations
(In millions of U.S. dollars)
|Actual level of trade (2004)||1,945|
|Predicted level of trade||2,707|
|Difference between predicted and actual trade (in percent)||39.2|
|Increase in total trade in response to improved institutional environment||34.8|
|Selected scores for institutional environment1||Armenia||CIS||EU|
Scores range from 1 to 5, with 5 being the worst environment.