Unemployment rate in Armenia has increased
- Jun 4, 2025
- 1 min read
In 2024, economic growth in the global economy and in Armenia's main partner countries continued to remain in positive territory, Finance Minister Vahe Hovhannisyan announced this in the National Assembly.
According to him, in 2024, fiscal policy was implemented under more lenient restrictions on extra-budgetary rules, as the government's debt-to-GDP ratio was below the 50 percent threshold.
In 2024, the tax-to-GDP ratio was 23.6 percent, a slight decrease compared to the previous year.
In 2024, economic growth of 5.9 percent was recorded. In the reporting year, exports of goods in the Republic of Armenia increased by 53.1 percent, and exports of goods of Armenian origin by 18.6 percent.
2 million 208 thousand tourists visited Armenia, compared to the previous year, this number decreased by about 4.7 percent or 108 thousand people, which is mainly due to the decrease in the number of Russian tourists visiting Armenia.
The unemployment rate in 2024 increased by 1.5 percentage points compared to the previous year, amounting to 13.9 percent. The average monthly nominal salary increased by 6.4 percent compared to the previous year, amounting to 287 thousand 172 drams.
In 2024, state budget revenues amounted to 2 trillion 579 billion drams, ensuring 95.8 percent execution, and expenditures amounted to 2 trillion 955 billion drams. The deficit amounted to 376 billion drams.
The state budget deficit in 2024 amounted to 376.1 billion drams. The deficit ratio to GDP was 3.7 percent, compared to the projected 4.6 percent.
