YEREVAN, November 1, /ARKA/. Armenia’s Central Bank projects that the median nominal monthly wage will grow by 7.5% in the fourth quarter of the outgoing year. The Bank attributes the anticipated growth to moderate rise of wages both in public and private sectors as a result of steady rise of labor productivity.

The Bank said the median nominal wage in the first three quarters of 2011 will grown by 9% as a result of anticipated reduction of unemployment level, which according to its forecast will drop to 6.8% in the fourth quarter of 2010.

The Central Bank also projects that the unemployment rate will fall further to 6.7% for the first nine months of 2009, by 0.4 p.p. down from the same time span of 2010.

The Central Bank also says that inflationary pressure on labor market in quarter 4 , 2010 will grow by 0.4% because the median monthly wage will be growing faster than labor productivity.  -0-