MEDIAN ARMENIAN WAGES RISE BY 7% IN Q3

ARKA
Oct 29, 2009

YEREVAN, October 29, /ARKA/. Despite the worst economic downturn
median Armenian wages rose by 7% in Q3, the Central Bank of Armenia
said in its monetary and credit policy for Q4 of 2009. It said median
wages grew both in public and private sectors.

The unemployment rate rose by 1% to 7.5%. Labor productivity fell
by 16% in Q3, which in combination with growing wages resulted in a
significant increase of expenses on a work force unit. As a result
inflation pressures at consumer market rose by 1.5 points.

According to Central Bank experts, developments in Armenian labor
market in Q4 continue to generate inflationary pressures at the
consumer market.

The Central Bank said also it expects median wages to decrease by
0.1% in Q4 and the unemployment to rise by 1.7 percent. The labor
productivity is forecasted to fall by 7%.

The Central Bank does not expect the median wages to grow in the
first three quarters of 2010, but the labor productivity is expected
to grow by about 2% and the unemployment by 1%.

According to the official figures of the National Statistical Service,
Armenia median nominal wages in January September rose by 12% to 98,400
Drams. The number of officially registered jobless people rose by 10.3%
to 83,100 people.