ArmInfo.Nominal wages in Armenia from January-December 2024 compared to the same period in 2023 showed a slower growth rate of 6.4% (down from 14.6% in 2023), with an average of 287,172 AMD ($731, compared to $688 in 2023). This is evidenced by preliminary data from the RA Statistics Committee.
In the private sector, the growth of average nominal wages slowed down year-on-year (January-December 2024 compared to the same period in 2023) from 15% to 5.7%. In contrast, in the public sector, growth weakened less noticeably, dropping from 11.4% to 7.9%, amounting to 311,848 AMD and 224,804 AMD ($794 and $572, versus $752 and $531 in 2023), respectively. Comparing December 2024 to December 2023, the overall slowdown in the growth of average nominal wages in the country was imperceptible, decreasing from 7.8% to 6.2%. This was due to the acceleration of wage growth in the private sector, increasing from 4.6% to 6.6%. Conversely, there was a pronounced slowdown in wage growth in the public sector, dropping from 16.9% to 4.6%.
It should be noted that the average settlement exchange rate of the dram was AMD 392.73 / $ 1 in January- December 2024, compared to AMD 392.48 / $ 1 in January-December 2023.
