By 2024, labor productivity in Armenia reached $10.9 GDP per hour worked, nearly double the level of 2021. The government’s target of $12 by 2026 is now within close reach, Minister of Economy Gevorg Papoyan announced during a year-end press conference on January 13.
According to the minister, the government’s program to double labor productivity is ahead of schedule. The significant increase, he explained, was achieved largely through a state leasing support program that facilitated the modernization of agricultural machinery and industrial equipment.
In agriculture, the program enabled the acquisition of new machines and tractors, while in the agribusiness and other economic sectors, it provided modern equipment. “These measures have substantially improved production efficiency and, consequently, labor productivity across the country,” the minister stated.
Papoyan expressed confidence that the $12 GDP per hour worked target would be met within the established timeframe, marking an important milestone in the success of Armenia’s economic reforms.
