The number of officially registered unemployed in Armenia decreased by 4.9 per cent

The number of hired workers in Armenia has increased by 4.9% this year, while the number of officially registered unemployed has decreased by the same amount, Finance Minister Vahe Hovhannisyan said in Parliament.

At the same time, the Minister did not specify the number of unemployed.

According to statistical data, in 2023 the unemployment rate will be 12.6% or 177.4 thousand people.

Presenting the draft state budget in the committees, the Minister of Finance noted that for eight months the growth rate of economic activity in the country was 9%, which is mainly due to the growth of trade, services and industry. According to him, the growth of construction also contributed to the economic activity.

According to Hovhannisyan, positive shifts are also observed in the labour market. According to data for the period, the average monthly salary increased by 6.6 per cent.

‘In the public sector, wages rose by 10.1 per cent, in the private sector by 5.4 per cent. Real wages grew by 6.7 per cent amid deflation of 0.1 per cent,’ he said.

Earlier it was reported that the indicator of economic activity in Armenia grew by 8.7% in January-September 2024. At the beginning of the year this indicator was double-digit, then it began to gradually decline (given that the factors of accelerated growth have played their role, and the economy, having reached a certain level, cannot continue to grow so fast). The Central Bank of the Republic estimates that in the long term the normal growth rate in the republic is about 5% (if we take into account the current level of productivity and industrial capacity).

Reprinted from https://am.sputniknews.ru/