Armenia’s Unemployment Rate at a Historic Low

YEREVAN — The Chairman of Armenia’s Central Bank Martin Galstyan said at a press conference on Tuesday that gross private sector wages have risen by more than 20% from 2021. ‘We have been observing this phenomenon for several months in a row. We also notice that unemployment is at a historically low level, but there are still many vacancies,” he said.

At the same time Galstyan noted that there are certain problems in the labor market.

“We hear anecdotal stories when Armenian companies start hiring employees from abroad to cover their needs. Quite high salaries are observed in construction, trade, services sectors,” he said, noting that the overheated labor market persists.

said late in October that the number of officially registered jobs in the country hit a new record in September 2022 growing by 10,000 from June 2022 to 691,087.

Prime Minister Nikol Pashinyan said the government of Armenia has created 143,000 new jobs in the last 4 years and 4 months. He said compared to September 2021, the number increased by 39,946, or 6.1%, and compared to 2018 by 108,312 or 18.6%.

He said also that the payroll in September 2022 compared to September last year increased by 33.43 billion drams, or 23.5%. “The increase compared to September 2018 exceeded 74.16 billion drams, or 73.2%,” he noted.

“I already had a chance to announce that we have a record in the number of registered jobs in Armenia based on the results of October. There are 691,000 registered and paid jobs in Armenia”, he said.

According to the PM, the creation of opportunities, the fight against shadow economy, the policy of reforming income tax had a great impact on this figure.