Kerobyan on Unemployment Rates in Armenia

In recent years, the unemployment rate in Armenia has significantly decreased. This was stated today by the Minister of Economy Vahan Kerobyan during a meeting with journalists.

According to him, the unemployment rate for the second quarter of 2023 stood at 11.7%, whereas in 2020, this figure was 18.2%. “We expect that based on the data from the third and fourth quarters of 2023, the unemployment rate will further decline,” added Kerobyan.

He forecasted that economic growth in Armenia for the entire year of 2023 would be between 8.3% and 8.5%. Based on the data from the previous year, he noted that labor productivity would amount to $9.6 per hour per person. “The government aims to increase this figure to $12 by 2026. The GDP per capita will reach $8,280. In 2018, Armenia was ranked 122nd among 196 countries based on this indicator, in 2020 it ranked 112th, and in 2023 it climbed to 86th place.

The gross investment index for the first half of 2023 increased by 17.5%,” the minister added.

Kerobyan also mentioned that the budget of the Ministry of Economy for 2024 has been set at 91 billion drams, whereas in 2019, this figure was at the level of 25 billion drams.