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
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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