The average nominal salary in Armenia is expected to grow by 6.2% in 2015, with the growth rates slowing down to 5.0% in 2016-2017, the Central Bank of Armenia (CBA) says in its monetary policy program for Q1 2015.
In the second half of 2015, the minimum salary will be increased to 55 thsd AMD (from 50 thsd AMD in 2014).
Amid the expected slow economic growth, inflation stabilization, as well as the Government's policy aimed at increasing the minimum wages, in 2016-2017 the average nominal salary will rise by almost 5% per annum.
Amid the harsh market conditions, the salary growth rates expected for H1 2015 will exceed the labor efficiency dynamics. The supply on the consumer market will lead to weak inflationary pressure - 0.15- 0.25 pct points, which will be neutralized within the period under forecast.
In 2015 average employment is expected to be 18.5% versus 17.5% in 2014 and 16.2% in 2013.
According to the National Statistical Service of Armenia, in Jan-Dec 2014 versus Jan-Dec 2014, the nominal salary in Armenia grew by 7.6%. In December alone that index rose by 22%. In Jan-Dec 2014, the wages in state-run organizations rose by 7.4%, in non-budget ones - by 7.7% (in Dec alone - by 19.3% and 25%, respectively). In Jan-Dec 2014, unemployment in Armenia made up 17.1%. In 2014, the economic activity in Armenia was up 3.9% (19.6% in Dec 2014).