YEREVAN, February 4. / ARKA /. The Central Bank said in its money and credit program for the first quarter of 2011 that it projects a 7.8% rise in nominal median monthly wage in Armenia this year.
The Central Bank said also it believes that the projected growth will be backed by ongoing economic recovery and planned rise of pay in public sector.
According to the program, the average unemployment level will drop by 0.4 percentage point to 6.6%. This in turn is supposed to have a positive effect on nominal wage level.
The Bank says the pay rise will be aided also by the inflationary environment. The labor demand will be backed by growing industrial output and services sector.
The Central Bank also projects that nominal wage growth rate will exceed a little the productivity growth rate to result in 0.2-04% inflationary pressure. —0—
