Monday, June 16 2014 18:15
Central Bank expects salary growth rates and unemployment reduction rates in Armenia to slow down
ArmInfo. The Central Bank of Armenia (CBA) expects the salary growth rates and unemployment reduction rates in Armenia to slow down. According to the CBA's monetary policy program for Q2 2014, in 2014 nominal wages are expected to grow by 11% versus the previously forecast 13%.
The CBA says that further acceleration of the nominal salary growth rates in the country will raise the minimal salary threshold (from 45 thsd AMD to 50 thsd AMD), and will considerably increase the wages of public sector employees mostly in Q2 2014. It should be noted that the salary growth in the public sector will contribute to some salary growth in the private sector due to the toughening of the inter-industry competition. The wages in the public sector will continue growing in I half of 2015, which will ensure accelerated growth rates of aggregate wages.
According to the monetary policy program, in 2014 the average unemployment will drop by 0.3 pct points to 15.8% as compared with 2013. The previous forecast said that in 2014 the average unemployment would drop by 0.9 pct points to 14.9% as compared with 2013. Unemployment reduction will continue within the next two years. In II half of 2014, the salary growth in the public sector will also accelerate salary growth rates in the private sector and increase the expenses of private enterprises.
The National Statistical Service of Armenia says that in Jan-Dec 2013 versus Jan-Dec 2012, the nominal salary in Armenia rose by 6.5% to 158967 AMD or $388 (including the military servicemen's wages in 2012-2013). The wages in state-run organizations rose by 6.5% to 140419 AMD ($343) and in non-budget organizations - by 7% to 185410 AMD ($453).
According to the Armenian Ministry of Labor and Social Affairs, in 2013 unemployment in Armenia made up 16.2% versus 17.3% in 2012.
The National Statistical Service of Armenia says that in late 2013 the number of jobseekers was 65.2 thsd (down 10.2% versus late 2012), with 57.9 thsd of them being jobless (down 10.4%) and 56 thsd unemployed (down 10.3%). In late 2013 there were 41.3 thsd unemployed women or 73.7% (down 9%). Yerevan and Shirak marz were in the lead in unemployment - 16.7 thsd and 8 thsd citizens, respectively.
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