Friday, March 28 2014 21:06
Central Bank of Armenia expects nominal salary growth rates to accelerate and unemployment to decline in 2014-2016
ArmInfo. The Central Bank of Armenia (CBA) expects the nominal salary growth rates to accelerate and unemployment to decline in 2014-2016. According to the CBA's monetary policy program for Q1 2014, nominal wages in Armenia are expected to rise by 13% versus the previously expected 6.5%.
The CBA says that the growth in nominal wages will raise the minimum salary threshold from 45 thsd to 50 thsd AMD and will also considerably increase the state employees' wages in the second half of 2014. The salary growth in the state sector, in turn, will lead to some rise in the wages of the private sector due to the toughening of inter-industry competition. Within the next two years the nominal wage growth rates will accelerate.
In 2014 versus 2013, average unemployment will decline by 0.9 pct points to 14.9% and will keep declining within the next 2 years. In the second half of 2014 salary growth in the state sector will accelerate the salary growth rates in the private sector and will increase expenditures of private enterprises.
According to the National Statistical Service of Armenia, in Jan-Dec 2013 versus Jan-Dec 2012 the nominal salary in Armenia rose by 6.5% to 158967 AMD or $388 (including military servicemen's wages in 2012-2013). Wages grew by 6.5% to 140419 AMD ($343) in budget organizations and by 7% to 185410 AMD ($453).
By the data of the Armenian Ministry of Labor and Social Affairs, in 2013 unemployment in Armenia made up 16.2% versus 17.3% in 2012.
According to the National Statistical Service of Armenia, in late 2013 there were 65.2 thsd job-seekers in Armenia, of which 57.9 thsd were jobless and 56 thsd were officially unemployed.
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