ArmInfo.Over the past 30 years, labor productivity in Armenia has increased to $5.6 per hour, and in the last eight years alone, it has doubled, reaching $11.7 per hour, as stated by Armenian Economy Minister Gevorg Papoyan at a parliamentary committee meeting on March 20.
According to him, while the volume of exports of goods of Armenian origin in 2017 was $2 billion, by the end of 2025 (excluding re-exports of gold, smartphones, televisions, etc.), it had increased 2.2-fold, reaching $4.46 billion. In the last year alone, this increase amounted to approximately $400 million. The Minister of Economy emphasized the significant role of state policy in boosting productivity. He highlighted the economic modernization program, through which manufacturing companies have purchased $1.5 billion worth of new equipment over the past four years. According to the minister, industrial production has surged by 81% since 2018, reaching 3.3 trillion drams.
Recall, labor productivity in Armenia in 2021 was $6 per hour, while in the EAEU countries this figure is double, and in developed countries, it reaches $43 per hour.
