Thursday, December 12 2013 18:44

Central Bank of Armenia expects wages to grow due to toughened competition between state and private sectors


ArmInfo. The Central Bank of Armenia (CBA) expects the minimum wage threshold to grow in Armenia in 2014. The CBA's monetary policy program for Q4 2013 points out that the salaries in the state sector are expected to considerably rise. Some growth in the private sector wages is also expected due to the toughened competition between the state and private sectors.

The source says that within the mid-term outlook the growth in state sector wages will accelerate the growth rates in private sector wages. This will increase the private sector enterprises' expenditures. In late 2013 the nominal salary growth in the country will be 4.4% due to the rise in wages in both private and state sectors.

The salary growth in the private sector targeted for the second half of 2013 is ensured mostly by the growth of labor efficiency and rise of the minimum salary in Q3 2013 from 35 thsd to 45 thsd AMD, as well as by continued reduction in unemployment. In Q3 2013 nominal salary in the private sector rose by 5.5%. Over this quarter wages in the private sector rose more than in the state sector - 8.5% and 3.4% respectively. In Jan-Sept 2013 nominal salary was up 4%.

The CBA says that in late 2013 the average unemployment will drop by 1.5 pct points as compared with 2012 and will make up 15.8%. Amid the expected economic growth, unemployment will steadily be dropping within the mid-term outlook. In Q3 2013 unemployment dropped by 0.6 pct points as compared with Q3 2012 and made up 15.4%. In Jan-Sept 2013 average unemployment made up 16.2% (down 1.7 pct points versus Jan-Sept 2012).
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