Income grew by an average of 5.3%
In January of this year Azerbaijan State Statistics Committee estimated that income in terms of money grew on average by 5.3%.
According to the committee, the total income of the population was 2.3 bn AZN. Everyone in the country had an average of 246 AZN 10 kopecks. The income per capita grew by an average of 3.9%.
The Department of National Accounts of SSC told Turan, that the payment of income tax, social security contributions and other mandatory and voluntary payments to the population was 300 million manat. Thus, at the disposal of the population left 2 bn AZN. The bulk of these funds were designed to meet consumer needs.
Cost of living for 2013 was estimated by Parliament to be 116 manats. Independent public bodies estimate the figure at around 200 manats. At the same time, real wages in many sectors (education, health, culture, sports, etc.) are below. Experts believe that most of the income is concentrated in the hands of the oligarchy and the highest levels of government officials. - 08B-
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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