The Armenian Ministry of Economy has published a report titled "Armenia: Economic Outlook," presenting data on labor market dynamics in the first half of 2024.
According to the report, Armenia has shown significant growth in employment compared to the same period last year. By the end of June 2024, the number of officially employed individuals in the country reached 760,200, representing a 4.7% increase compared to June 2023.
An analysis of the employment structure reveals that the leading sectors in terms of the number of workers are wholesale and retail trade, employing 129,400 people, education with 121,900 employees, and manufacturing, which has 89,800 workers.
Other sectors providing substantial employment include healthcare and social services (52,100 employees), information and communications (44,900 employees), as well as accommodation and food services (41,200 workers).
Notably, the increase in employment is observed across nearly all economic sectors, indicating comprehensive development of the labor market in the country.
Another important indicator of economic well-being is the level of wages. In June 2024, the average monthly salary in Armenia was 275,654 drams (approximately $705), marking a 3% increase compared to June 2023.
There is a notable difference in the wage growth dynamics between the public and private sectors. In the public sector, the average salary reached 215,521 drams ($551), showing a 5.7% increase, while in the private sector, it amounted to 299,395 drams ($767), up by 2.1%.
The highest-paying industries were information and communications, with an average salary of 824,100 drams ($2,107), mining with 799,925 drams ($2,046), and financial and insurance activities, where employees earn an average of 683,061 drams ($1,746).
It's interesting to note that wage growth was observed in almost all economic sectors, except for mining and public administration and defense.
The most significant wage increases were recorded in agriculture, forestry, and fishing, with a 15.3% rise, in financial and insurance activities with a 12.8% increase, and in the electricity, gas, and steam supply sector, where salaries grew by 10.7%.
