Consumer confidence index in Azerbaijan grows
Baku, Azerbaijan, Feb. 14
By Azad Hasanli – Trend:
The consumer confidence index (CCI) in Azerbaijan increased by 8.5 times in 2018 compared with the previous year, Trend reports Feb. 14 with reference to “Monetary policy report” by the Central Bank of Azerbaijan (CBA).
The CCI was calculated in December last year based on the results of the survey “Financial behavior and intentions of households”.
Analyzes show that the increase in the CCI is related to the increase in expectations of households regarding their financial situation, as well as the decrease in unemployment expectations.
Last year’s nominal income of the population increased by 9.3 percent, to 53.7 billion manats, according to the report. Per capita income rose by 8.2 percent, reaching 5,467.4 manats. Revenues remaining at the disposal of the population amounted to 49.6 billion manats (an increase of 9.4 percent).
At the same time, consumer spending in 2018 increased by 3.7 percent in real terms and amounted to 47.8 billion manats. Some 96 percent of the products sold in the economic entities of the country were produced by private companies. In turn, 50.2 percent of this production accounted for products manufactured by individual entrepreneurs.
During the reporting period, each consumer spent an average of 405.3 manats per month, which is 17.4 manats more than in the previous year.
Consumers spent 50.3 percent of their funds on beverages, food and tobacco products. Expenditures on this category of goods rose by 2.5 percent. Expenditures on non-food products increased by 3.4 percent, clothes, products of the spinning industry and footwear by 3.5 percent, electrical goods and furniture by 3.1 percent, telecommunications and computer equipment by 2.8 percent, other non-food products by 3.9 percent.
On average, consumers spent 158.2 manats per month on food products. About 156.6 manats per month were spent on non-food products.
(1.7 AZN = 1 USD on Feb. 14)
Follow the author on Twitter: @Hasanli_Azad