The devaluation of the manat has led to the fact that even the government has to recognize that the real incomes of the population went into decline.
According to the SSC, in the first half of this year, income of the population amounted to about 21.5 million AZN, which is 8.4% more than in the comparable period of 2015. Thus, the growth of consumer prices (inflation) in the first half (10.5%) exceeded the income of the population by 2.1%. This means that inflation has "eaten" the incomes.
For many years, the government has been proud of the active real income growth as a result of its socio-economic policy.
The reduced household income has also influenced the level of savings. If the first half of 2015 savings were directed 14% of household incomes, and this year the figure has fallen to 9.8%. The population began to spend more on consumption. ---08D
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- Politics
- 29 July 2016 13:32
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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