YEREVAN, April 17. /ARKA/. Monetary and Credit Policy of Armenia’s Central Bank for the First Quarter of 2012 Program forecasts growth in the average nominal wages at 4.7% in Armenia.

This is justified by the sustainable growth of productivity in the private sector, unemployment rate decrease as well as increase in average nominal wages at state-financed organizations, according to the program.

Average unemployment rate dropped 0.2 p.p. to 6% in the first quarter of this year from the same period a year earlier. This fact will have a positive impact on the amount of nominal wages, according to the source.

“The expected tendencies of economic growth in 2012 will foster further need for labor, and thus, the number of unemployed citizens will shrink in the country,” the program says.

According to CB forecasts, average nominal wage growth rates will hit over productivity rates, that will lead to 3% increase in costs per labor unit.

Inflation pressure will be registered at 0.2 p.p. level as a result of anticipated economic growth.

In February 2012 an average nominal wage in Armenia was preliminary registered 114, 719 drams ( 295 dollars, 223 euros or 8,797 rubles), reporting 2.4% rise from January. --0--