Salary Growth Exceeds Inflation, Says Pashinyan

In 2024, the average annual salary amounted to 287,172 drams, which is an increase of 114,445 drams, or 66.3 percent, compared to 2018. This announcement was made by Armenian Prime Minister Nikola Pashinyan.

The Prime Minister compared this figure with the inflation rate during the same period. “Inflation compared to 2018 has been 25.3 percent. This means that our salary increase is approximately 40 percent higher than inflation, and this is a significant indicator. Of course, inflation is a necessary companion of economic growth, but we have had inflation that exceeded our plans for two years. Despite having less inflation than our target in previous years, the balanced comparison of these indicators is essential. However, I cannot overlook that this 40 percent surplus relates to working individuals. It is clear that those who are unemployed experience this rate of inflation differently.

I would also like to emphasize that the inflation in 2024 was only 0.3 percent compared to 2023, while the salary increase for 2024 compared to 2023 was 6.4 percent. This means that the growth in salaries was several times higher,” he stated.