Between July 2021 and July 2024, Armenia’s labor market demonstrated significant growth, according to a study by the ACSES analytical center. The total number of jobs in the country increased by 107,000, reaching over 759,000, which corresponds to a 16% growth.
The most impressive growth was seen in the information technology sector (53%), construction (52%), and the arts, entertainment, and recreation sectors (43%). The only sector that showed a decline was public administration (-2%).
The largest contributions to job growth came from:
- Trade – 16,846 new jobs (2.6 percentage points)
- Construction – 12,603 new jobs (1.9 percentage points)
- Industry – 11,709 new jobs (1.8 percentage points)
Haykaz Fanyan, head of the ACSES analytical center, told BMG that only a small portion of this growth can be attributed to the reduction of the shadow economy, while the majority reflects the creation of genuinely new jobs.
“The structure of our economy is such that the vast majority of the population feels economic growth primarily through the creation of new jobs and increased wages. Moreover, a small portion of these new positions have been filled by foreigners,” Fanyan emphasized.
The expert also noted the significant influence of the "Russian factor" on growth in the trade, industry, and IT service sectors, excluding construction.
