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Baku/09.08.23/Turan: The State Statistics Committee reported that in the period from January to May 2023, the average monthly nominal salary in Baku amounted to 1175 manats. This index means a noticeable increase of 10.1% as compared to the appropriate period of 2022.
It is worth recalling that the average monthly nominal salary in Azerbaijan for the first five months of this year was up by 11.1% from the same period of the last year, and amounted to 917 manats. Consequently, the average salary in Baku exceeds the national average by about 28%.
As of March 1, 2023, the average monthly nominal salary in Azerbaijan stood at 854.5 manats. It is noteworthy that the minimum wage in the country has been raised to 345 manats.
Of interest is the fact that in 2022, according to the press service of the Ministry of Labor and Social Security of Population, the average salary in Azerbaijan amounted to 424 manats (equivalent to 249.4 US dollars). During the year, the average salary rose by 4.7%, which corresponds to an increase of 19 manats. However, no detailed breakdown of this index by private and public sectors, as well as by Baku and other regions is provided.
Officially, half of the workforce, amounting to 867.000 people, receives wages below 424 manats – about 50% of the average salary in the country. According to the State Statistics Committee, the average accrued salary (before taxes, mandatory social contributions, etc.) for 2022 amounted to 839.4 manats (493.7 dollars).
Note that 903.300 people are employed in the public sector, while 830.600 are employed in the private sector.
In 2022, the average annual growth in consumer prices was 13.9%, while the average nominal wage growth was recorded at 14.7%.-0-
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