One of the strengths of the mining industry in Armenia is the multiplier effect of the mining industry, that is, for example, the GDP created by the mining industry in 2021, the gross domestic product, made 386.5 billion drams.
This is mentioned in one of the analyzes presented in the Development Strategy of the Mining Sector.
In 2021, the average monthly salary in the field of mining and open pit operation was about 500 thousand drams, which was about 2.4 times higher than the average monthly salary in Armenia.
The multiplier of the gross domestic product (GDP) of the mining sector in Armenia is 1.8, the employment multiplier is 5.3. Compared to other sectors of the economy, the multiplier of mining is the highest in the whole world, followed by the multipliers of energy, agriculture, financial services, trade, and public catering.
It should be noted that there is a great potential to further strengthen the mentioned effects, because most of the value chain of the sector is still missing in Armenia, and also a number of services and productions serving the mining industry are not functioning.
According to the Development Strategy of the Mining Sector, summarizing the analysis of official statistical data, we can state that the current share of the mining industry in the RA economy is notable, however, the dynamics of socio-economic indicators of the sector have shown decreasing trends in recent years. Therefore, appropriate actions and measures are necessary to ensure the further development and sustainable growth of the sector.
