Tweet
OFFICIAL REGISTERED ARMENIAN UNEMPLOYMENT RATE RISES IN Q1
Venla Sipila
World Markets Research Centre Global Insight
May 4 2010
The official registered unemployment rate in Armenia for the first
quarter of 2010 stood at 7.3%, according to the country's National
Statistical Service. This jobless rate compares with an average of 6.9%
registered for 2009 as a whole, and a rate of 6.3% in 2008. There
was at total of 84,300 people registered as unemployed jobseekers
in January-March, in an annual increase of 10.8%. In addition, the
Statistical Service also reports that the average monthly nominal
wage in January-March amounted to 101,274 dram, rising by 5.6% in
annual terms.
Significance:The falling trend seen in reported unemployment in
Armenia over the economic boom years reversed during the recession from
which the country is now struggling to find its way out. The recent
data confirm the gradual but steady increase in the official jobless
rate. However, although the indicated trends fit IHS Global Insight's
projections, official unemployment data are likely to underestimate
true unemployment. This is because only a low proportion of the
unemployed register as job seekers, due to still poor incentives for
doing so. Consequently, the true jobless rate is likely to exceed
the reported one.
Venla Sipila
World Markets Research Centre Global Insight
May 4 2010
The official registered unemployment rate in Armenia for the first
quarter of 2010 stood at 7.3%, according to the country's National
Statistical Service. This jobless rate compares with an average of 6.9%
registered for 2009 as a whole, and a rate of 6.3% in 2008. There
was at total of 84,300 people registered as unemployed jobseekers
in January-March, in an annual increase of 10.8%. In addition, the
Statistical Service also reports that the average monthly nominal
wage in January-March amounted to 101,274 dram, rising by 5.6% in
annual terms.
Significance:The falling trend seen in reported unemployment in
Armenia over the economic boom years reversed during the recession from
which the country is now struggling to find its way out. The recent
data confirm the gradual but steady increase in the official jobless
rate. However, although the indicated trends fit IHS Global Insight's
projections, official unemployment data are likely to underestimate
true unemployment. This is because only a low proportion of the
unemployed register as job seekers, due to still poor incentives for
doing so. Consequently, the true jobless rate is likely to exceed
the reported one.