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The global financial crisis has led to a sharp increase in unemployment in Armenia. The head of the State Employment Service – Sona Harutyunyan informed recently, that the economic situation worsened dramatically at the end of 2008 and job cuts and mass lay-offs took place.
The unemployment rate is the highest in Lori and Lyunik regions due to the recession in the mining industry. According to official data by 20 January, 414 people had been laid off, 1,603 others had been given layoff notices, 1,069 peoples’ contracts had not been renewed.
In December 2008, the number of people seeking employment was 90,500; as per 23 January 2009, this number has increased to 95,000.
According to National Statistics Service the number of economically active population is 1,172,700, so the unemployment rate has thus constituted 8 percent by the end of 2008 instead of projected 7.1.