Cost of Living in Azerbaijan in 2008 Will be Higher

Cost of Living in   Azerbaijan in 2008 Will be Higher

Azerbaijan, Baku / Trend / The cost of living in Azerbaijan in 2008 will be higher, but incomes will be higher, but the public will spend less than in 2007, due to low quality public services.

According to Government forecasts on savings and outgoings of the population, in 2008 savings of the population will increase by 29.4% and make up AZN 16650mln compared to 2007. Social transfers from the Public budget in amount of AZN 2.786.9mln or 32.8% of budget's gross expenses will help this.

However, these profits will be irregularly divided in society and therefore, dividing the total amount of the profits equally per capita to bring a comforting indicator has no meaning.

Profits gained by entrepreneurship activities will top the structure of profits of the population in 2008. They will total AZN 7.383.4mln or 44.3% of all profits of population.

The second indicator of the population's profits will be wages. According to forecasts, the average monthly salary in 2008 will total AZN 233.30 an increase of 28% from the forecasts in 2007. The gross amount of the wage fund will reach AZN 6080mln.

Social transfers are important and will be assessed at AZN 1.252.6mln in 2008. This includes pensions, scholarships and various allowances.

Transfers abroad are being highlighted as a significant part of Azerbaijan's population. For their amount, they even exceed State social transfers. According to forecasts of the Government, in 2008 their amount will reach AZN 1920mln an increase of AZN 667.4mln from social transfers.

The lowest amount of revenues will be received from property, which will total AZN 14mln next year. A significant part of this kind of activity is not taken to the official account.

According to Government forecasts, profits of population next year will total AZN 13200mln.

As a rule, the key share of the expenses (86.74% or AZN 11450mln) will be made up by the purchase of commodities and payment of services. Next year the population will spend AZN 1750mln on obligatory payments (taxes) and voluntary payments of population.

Accumulated funds of the population will be directed towards deposits, acquisition of securities, including foreign currencies.

Thus, according to forecasts, population's profits will exceed their expenses. However, there is big probability that the expenses will be more if the Government cannot maintain inflation at a necessary level.

(Ellada Khankishiyeva - expert of Trend Analytic Center)

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