According to official operational information provided by the State Revenue Committee of Armenia, as of the end of May 2024, the number of individuals with taxable income (jobs providing income) reached 752,260, a 4.7% increase compared to May 2023.
The average taxable income (salary) in the economy overall amounted to 296,690 drams (over 760 USD), corresponding to a nominal growth of 6.7%. The total taxable income base was 223.2 billion drams (over 572 million USD), showing a nominal growth of 11.7%.
According to the Ministry of Economy, in May, the highest-paid sector was the IT industry, or "Software Development," with an average salary of 1,179,956 drams (over 3,000 USD). The financial intermediation sector came second with an average salary of 874,150 drams (over 2,240 USD), followed by the gambling organization sector, with an average salary of 679,286 drams (over 1,740 USD).
The Ministry of Economy's data indicates that the lowest salary was recorded in the micro-enterprise sector. In May, the average salary in this sector was 72,034 drams (approximately 184 USD).
Organizations engaged in non-commercial activities ranked first in terms of the number of jobs. In May, the number of jobs in this sector was 203,226, with an average salary of 218,710 drams (over 520 USD), which is 9.3% higher than the same month last year.
The accommodation sector had the fewest jobs, with 7,024 jobs recorded and an average salary of 220,014 drams (over 560 USD), a 9.8% increase compared to the same period last year.
Despite positive economic indicators, about 24% of Armenia's population lives below the poverty line, and the unemployment rate is over 11%.
Armenia's economic growth for the 2024 state budget is projected at 7%, with inflation targeted at 4% (±1.5%).
