According to the Statistical Committee of the Republic of Armenia, the average salary in the country in June 2024 amounted to 275,654 drams (over $707), showing a 3% increase compared to the same period last year. However, this figure is significantly lower than the growth seen in May, which was 6.4%.
The most noticeable changes occurred in the mining industry. Workers in this sector received substantial annual bonuses, leading to a 68.2% increase in their average salary compared to May, reaching about 800,000 drams (over $2,050). Nevertheless, on a year-over-year basis, the industry showed the largest decline at 15.5%.
The financial sector and insurance continue to demonstrate some of the highest salary levels in the country. In June 2024, the average salary in this sector was 683,061 drams (over $1,755). Compared to June of the previous year, the increase was a substantial 12.8%, one of the highest growth rates among all economic sectors.
However, it is noteworthy that compared to May 2024, there was a significant decline of 15.0%. This may be due to seasonal factors or changes in the payment structure within the industry.
Despite the monthly decline, finance and insurance remain one of the highest-paying sectors in Armenia, second only to the information and communication sector (824,100 drams - $2,120) and the mining industry (799,925 drams - $2,050) in terms of average salary.
The fastest salary growth was observed in agriculture—15.3%. Salaries in this sector in June of the current year exceeded 190,000 drams (over $488) compared to the same month in 2023.
Double-digit growth was also noted in the fields of culture, entertainment and recreation (10.7%), energy (10.7%), and real estate activities (10.0%).
The lowest salary growth rates, apart from the mining industry, were recorded in public administration and defense (-1.2%) and the information and communication sector (0.2%).
It is worth mentioning the education sector separately, where wage growth was 9.0%, a significant improvement for this traditionally low-paid industry.
Despite the overall growth, some sectors showed a decline in average wages compared to May 2024. The most noticeable decrease was observed in the electricity, gas, and steam supply sector (-15.3%), as well as in finance and insurance (-15.0%).
Earlier, BMG reported that in June 2024, the total number of employees in the country reached 760,248, which is 4.7% more compared to the same period last year. This figure shows a slight slowdown in growth rates compared to May, when the annual increase was 4.9%.
