News - Armenia unemployment rate dropped sharply over last 3 years, economy minister says

The rate of unemployment in Armenia has decreased dramatically over the last three years, Economy Minister Vahan Kerobyan told a press conference Monday. In his words, in accordance with the data of the second quarter of 2023, the unemployment rate in Armenia was 11.7 percent, while in 2020 this indicator was 18.2 percent. "We expect that, based on the data of the third and fourth quarters of 2023, the unemployment rate [in Armenia] will drop even more," Kerobyan added. He predicted that the economic growth in Armenia, based on the data of the whole year of 2023, will be 8.3 to 8.5 percent. In his assessment, labor productivity—based on the data of the entire past year—will be 9.6 US dollars per hour per person. "The objective of the [Armenian] government is to increase this figure to 12 dollars in 2026. GDP per capita will be 8,280 dollars. In 2018, according to this indicator, Armenia ranked 122nd among 196 countries of the world, in 2020—112th, and in 2023—86th. The indicator of gross investments [in Armenia] increased by 17.5 percent for the first half of 2023," added the minister of economy. Kerobyan stressed that in accordance with the data of 2023, a total of 748 thousand jobs were registered in Armenia, and the average monthly salary was 260 thousand drams (about $650). "The level of poverty [in Armenia] has decreased from 26.5 percent to 24.8 percent. In 2023, high economic growth and low inflation were recorded, which gives hope for a further considerable decrease of this indicator," the economy minister emphasized. Vahan Kerobyan said that the budget of the Ministry of Economy of Armenia for 2024 is 91 billion drams, whereas in 2019 it was 25 billion drams.