The average per capita income in the first quarter (332.3 manat per month) was 4.6% behind the average of the previous year (348.4 manat), the State Statistics Committee said.
According to official figures, in the three months nominal income was at 996.8 manat, while real income was 901.5 manat. In absolute terms, the ratio was 9 billion 455,900,000 to 8 billion 552 million manat.
More than three quarters of revenues (75.7%, or $ 7 billion 158,100,000) was spent on public goods and services, 12.6%, or 1,191,400,000 - on the accumulation and purchase of freely convertible currency. In addition, 9.6% or 907.8 million was spent on the payment of taxes, duties, social and insurance fees, while the remaining 2.1% of revenue, or 198 600 000 manat was spent on interest payments on loans. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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