Minister: Armenia saw rise in unemployment rate last year

Armenia’s unemployment rate increased by 1.5 percentage points in 2024 compared to the previous year, reaching 13.9%, Finance Minister Vahe Hovhannisyan announced at preliminary debates on the Annual Report on the Execution of the 2024 State Budget on Wednesday.

Meanwhile, average monthly nominal wages saw a 6.4% increase year-on-year, reaching 287,000 drams. The minister noted that wages in the public sector averaged 224,000 drams, compared to 311,000 drams in the private sector.

“In real terms, adjusted for the 0.3% inflation rate, wages grew by 6.1%, meaning that those who are employed have seen their real incomes rise accordingly,” Hovhannisyan said.