In August 2024, Armenia's labor market showed significant growth in both employment and wage levels.
According to the Statistical Service, the total number of employed people in the country reached 758,827, marking a 4.7% increase compared to August of the previous year. This indicates an acceleration compared to July, which saw a 4.6% rise.
The trade sector led in job creation, adding 8,128 new jobs (+6.7% year-on-year). Other sectors also showed impressive growth: "Other Services" saw a sharp increase of 21.2%, and construction grew by 17.2%, adding 5,492 and 5,630 jobs, respectively.
Positive trends were also observed in wage levels. The average salary in Armenia rose by 6.4% compared to August last year, accelerating from 6.1% in July. The agricultural sector stood out, with wages jumping by 19.2%, nearing 200,000 drams (about $516). The mining industry also saw a significant wage increase of 17.3%, reaching $1,426.
However, not all sectors experienced uniform growth. The transportation sector was the only one to see a decrease in employment, down by 1%. Despite the overall positive trend in the economy, the IT sector showed minimal wage growth, with a 0.3% increase to $2,160.
