Increase in Unemployment in Armenia

In 2024, the economic growth in the global economy and Armenia's main partner countries continued to remain in a positive zone. This was stated by Finance Minister Vahe Hovhannisyan in the National Assembly.

According to him, the fiscal policy for 2024 has been implemented under the conditions of softer restrictions on extra-budgetary rules, as the government's debt-to-GDP ratio remained below the 50 percent threshold.

The tax-to-GDP ratio in 2024 stood at 23.6 percent, showing a slight decrease compared to the previous year. The economic growth rate for 2024 was recorded at 5.9 percent. During the reporting year, exports of goods from Armenia increased by 53.1 percent, while exports of Armenian-origin goods rose by 18.6 percent.

Armenia welcomed 2 million 208 thousand tourists; however, this figure decreased by approximately 4.7 percent or 108 thousand people compared to the previous year, primarily due to a decline in the number of Russian tourists visiting Armenia.

The unemployment rate in 2024 increased by 1.5 percentage points compared to the previous year, reaching 13.9 percent. The average nominal monthly salary increased by 6.4 percent compared to the previous year, amounting to 287,172 drams.

In 2024, government revenue was recorded at 2 trillion 579 billion drams, achieving a performance of 95.8 percent, whereas expenditures were 2 trillion 955 billion drams. The budget deficit amounted to 376 billion drams.

The budget deficit for 2024 was calculated at 376.1 billion drams, with the deficit-to-GDP ratio at 3.7 percent, against the projected 4.6 percent.