Raised average salaries in Armenia’s economic sector to drive inflation rate up in 2008

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Economy

19.12.2007, 02:16

An average salary of people working in Armenia’s economic sector will exceed the growth of average labor productivity in 2008, and as a result, the labor market will drive inflation rate up, Central Bank of Armenia says in its monetary policy program.

YEREVAN, December 18. /ARKA/. An average salary of people working in Armenia’s economic sector will exceed the growth of average labor productivity in 2008, and as a result, the labor market will drive inflation rate up, Central Bank of Armenia says in its monetary policy program.

The Central Bank’s experts say average wages in economic sector will grow 18% in 2008.

They say that along with that unemployment rate will go 0.2 or 0.3 percentage points down.

In 2007, wages grew 20.5% and unemployment rate slipped 0.3 points to 7.1%.

Labor productivity grew 13.3% in 2007 against 12.5% in the previous year.

The experts think this growth mitigate inflation pressure coming from the labor market. M.V.-0---

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