In 2016, income of the population in Azerbaijan amounted in nominal terms to 45 billion 395.1 million manat, increasing by 8.7%, the State Statistics Committee said.
Cash income per capita exceeded 4,700 manat (+ 7.5%) or 392.5 manat per month.
According to SSC, 76.3% of the revenue is directed to the final consumption, 8.4% - payment of taxes, insurance premiums and membership fees, and 2.9% - repayment of loans and interest on them. Citizens saved 12.4% of their income.
According to official statistics, there was growth of people’s income against the background of economic crisis, state budget cuts, the closure of jobs and so forth negative factors.
At the same time, inflation in Azerbaijan totaled 12.4% in 2016 (SSC). Thus, for the first time in many years, no real growth of the population’s incomes was noted. ---08B
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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