WB: Unemployment rate in Armenia fell to 11.7% in Q2 from 13% a year earlier

YEREVAN, December 20. /ARKA/. The unemployment rate fell, supported by strong economic growth,, the World Bank says in its Armenia monthly economic update – December 2023.

According to it, the falling unemployment trend, which started in 2021, continued through 2023. The unemployment rate reached 11.7 percent in Q2 2023, down from 13 percent in Q2 2022.

Finance Minister Vahe Hovhannisyan stated earlier that the unemployment rate in Armenia was decreasing every year and has never been at such a low level before.

Prime Minister Nikol Pashinyan stated that in September 2023, a new record in the number of registered jobs was recorded saying their number stood at 726,056.

According to the update, net money transfers continued to fall, contracting by 62 percent (yoy) in October. Money transfer inflows continued to shrink (at a rate of 12 percent, yoy) and outflows increased by 44 percent (yoy), the World Bank says in its Armenia monthly economic update – December 2023.

Net inflows from Russia, the main source of inflows, contracted by 25 percent due to 21 percent lower inflows from, and 21 percent higher outflows to, Russia. Prices recorded 0.5 percent deflation in November (yoy).

A 4.4 percent fall in food prices (yoy) was the main contributor to deflation. Prices in other commodity groups rose, the highest being alcoholic beverages and cigarettes, up 8.3 percent (yoy) due to an increase in excise tax rates. This brought average inflation to 2.2 percent, further below the 4 percent target. -0-