Actual Data of Subsistence Minimum Considerably Differ from Official Data
According to alternative estimates of the Center for Economic Research (CER) experts, presented to Turan IA, the subsistence minimum for able-bodied population totaled AZN 253.4.
Subsistence minimum for pensioners is AZN 199.9 and for children AZN 259.9.
Calculations show that for a family with one child there should be at least 766.7 manat, and for a family with two children there should be 1026.6 manat.
According to official data from the first January 2017 the cost of living in the country will be set at 155 manat, for able-bodied population - 164.5 manat, for pensioners - 130.2 manat, and for children - 136.6 manat.
To check the official data CER experts calculated the cost of living based on food, nonfood goods and services of ‘The minimum consumer basket in the Republic of Azerbaijan’ approved by decision No. 182 of the Cabinet of Ministers dated June 6, 2014.
The difference between the alternative counts and official figures for the working-age population is 35.1%, 34.9% for pensioners, and 47.5% for children.
At the same time CER estimated expenses for food, which account for 58% of the subsistence minimum for able-bodied population, 67% for pensioners and 61% for children. It is expected that due to the soaring food prices their share in the subsistence level will increase. ----71D
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review