In the first half of the year for the purchase of food products, beverages and tobacco products the population spent 49.5% of total expenditures. In general, according to a review of monetary policy, drawn up by the Central Bank of Republic of Azerbaijan (CBA), the retail trade turnover amounted to 12 billion manats.
"Other non-food products" were 18.7% and clothing and footwear were 17.8% of consumer spending. Motor fuel was 6.5%, furniture and appliances - 5.5%, drugs - 1.2%, and computers and other electronics - 0.8%.
Every month an average consumer had 104 manats spent in retail outlets for food, drinks and cigarettes and 105.9 manats was spent on non-food products.
According to the CBA, in January-June, food prices grew by 5.5%, non-food products - by 2.8% while the average annual inflation rate was 3.5%. --17D-
Economics
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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.
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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.
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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.
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"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.
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