Population spent 18% of its revenues on accumulation?
From January to October, the average income per capita in Azerbaijan amounted to 321.14 manat, which is 4.6% less than last year (336.6 manat). In this case, the nominal incomes were higher than last year by 4%.
According to the State Statistics Committee, in September, the nominal income per capita was 330.4 manat. The best indicator was registered in March - 367.4 manat.
The scale officially recognized that real incomes also went down. In February, they were at the level of AZN 395.2, in July – AZN 314.8 and in September - 299.9 manat.
For the purchase of goods and services the population spent 70.1% of its revenues, or 19 045 200 000 manat, for the payment of taxes, duties, social and insurance fees and credits it spent 11.8% or 3 205 900 000 manat, and the other 18.1% or 4 917 500 000 AZN was focused on the accumulation and purchase of freely convertible currency.
Not surprisingly, the State Statistics Committee uses the average statistics, but without mentioning the percentage of the population without an opportunity to accumulate money.
In the last 2 months the topic of interest expense on loans was closed, and rightly so, because extremely understated figures were given. According to the State Statistics Committee for January-July, people in this position spent 2.6% of their revenue. According to the Central Bank, as of October 1, 40.6% of bank lending accounted for households and the category of "population" accounted for 29.5% of bank deposits. --17D-
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