The population spends much on servicing loans
Nominal income per capita in Azerbaijan in the first half of the year amounted to 1.708.800 manats (+5.7% compared to the same period of last year), which means to 284.8 manat per month .
According to the State Statistics Committee, real income per capita in the January-June 2013 amounted to 1.549.400 manats (also +5.7%), although last year they increased by 12.2%.
The SSC did not disclose the cost of population expenses. However, in January-May 2013, the population spent on goods and services 69.3% of its income (9 billion in total 3.8 million manat.) On payment of interest on loans (mainly consumer) spent 11.1% or 1.442.200 million manat, on accumulation and purchase of freely convertible currency - 19.6%, or 2.546.500 million manat.
Public expenses on servicing loans are increasing, more and more citizens are in debt, and the courts are full of claims about the alienation of the property because of non-returned loans. -17D-
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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