Armenian Central Bank expects median wage to grow by 7%

Armenian Central Bank expects median wage to grow by 7%
ARKA, 12.05.2010

Armenian Central Bank said it expects the national median nominal wage to increase this year by 7%. The bank said in its Money and Credit Policy Program for the second quarter of 2010 that it expects the median nominal wage to grow also a little in the first quarter of 2011, to be backed by increasing wages both in public and private sectors on the back of recovering economy.
The Central Bank has also forecast a 1.7% unemployment rise for 2010 to 7.3%, by 0.4% higher than in 2009. But in the first quarter of 2011 the unemployment rate is expected to fall to 7%.
The Central Bank said also developments in labor market will result in inflationary pressure on consumer market (about 0.4%) because expenses on a unit of labor force will rise by 2%. Simultaneously inflationary pressure on the labor market will lower. In the first quarter of 2011 inflationary pressure on labor market will rise by 0.7% since the average wage will be growing faster than the labor productivity. -0-