Azernews.Az

YEREVAN – Armenia’s statistics body has surprised analysts by releasing figures on salaries paid in the country, saying the average wage has decreased 7.7 percent to $238, the lowest in the South Caucasus region, a website covering economic news reported.

The Market Leader publication said that for comparison’s sake, the average wage is $490 in Russia, $396 in Azerbaijan and $318 in Georgia.

Analysts say one of the main reasons for the wage cuts in Armenia is decreasing agricultural production. Unseen heat and low yield have caused agricultural output in January-August 2010 to dwindle 18 percent compared to the same period of last year.

Another key reason for low wages in Armenia is instability in other sectors of the country’s economy, particularly industries, trade and the construction sector, which is still grappling with the impact of a dire crisis.

Unlike Armenia, the neighboring South Caucasus republics - Azerbaijan and Georgia - are posting economic growth.

Azerbaijan’s gross domestic product rose 3.8 pct, or about $1.038 billion, in January-August from a year earlier. Per capita GDP made up $3,657 in this period, or 2.7 pct above the figure reported in the first eight months of 2009, the State Statistics Committee said. 4.5 pct growth was posted in Azerbaijan’s oil sector, accounting for 41.9 pct of the GDP.

In Georgia, economic indicators grew 8.4 pct in the second quarter of 2010, Prime Minister Nika Gilauri said. "This indicator is a very positive one in the region, and, possibly, in the whole world," he said.

Georgia’s economic growth was driven by foreign trade and the development of tourism, as well as the financing of various projects by international financial institutions.

According to Market Leader, the Georgian economy is enjoying the biggest inflow of Western investments.

Despite growth, Georgia lags behind other Caucasus countries on the amount of pensions. The average pension in the country is $48, compared to $60 in Armenia, $110 in Azerbaijan, and $230 in Russia.