Consumer spending on pharmaceutical products greatly increases in Azerbaijan
BAKU, Azerbaijan, May 28
By Eldar Janashvili – Trend:
The volume of goods and services sold on the market to meet the needs of the population decreased by 0.4 percent in Azerbaijan in the first quarter of 2020 compared to the same period of last year and amounted to 11.5 billion manat ($6.8 billion), Trend reports referring to the data from the Central Bank of Azerbaijan (CBA).
The main factor in this decline is the coronavirus pandemic, which has had a limiting effect on the domestic demand factors, the main driving force of the economic growth.
According to the data, 96.5 percent of products and services sold and rendered by business entities were offered by private business entities, of which 46 percent accounted for individual entrepreneurs.
Retail trade turnover of food products has increased by 2.9 percent, while the turnover of non-food products for the first time has decreased by 0.5 percent recently.
From January through March 2020, 52.4 percent of the funds spent by consumers in retail centers accounted for the purchase of food, drinks and tobacco products. The expenditure in this sphere increased by 2.9 percent compared to last year.
The expenditure on textile goods, clothes and shoes decreased by 3.6 percent, and on telecommunications and computer equipment - by 1.7 percent.
The expenditure on pharmaceutical and medical products increased by 30.5 percent, while on other non-food products - by 0.8 percent.
From January through March, each consumer spent on average 386 manat ($227) per month in retail centers for the purchase of goods and services, which is 1.5 percent more compared to the same quarter of 2019.
Some 162.1 manat ($95.3) per month were spent on food, drinks and tobacco products while 147.3 manat ($86.6) - on non-food products.
The turnover in the field of public catering decreased by 12.9 percent from January through March. In the private sector, about 40.7 percent of the turnover of catering accounted for the enterprises, 59.3 percent - for individuals involved in entrepreneurial activity in this sphere.
The cost of the paid services rendered to the population in real terms decreased by 5.5 percent and amounted to two billion manat ($1.2 billion).
The consumption of the paid services per capita in nominal terms decreased by 11 manat ($6.5) compared to the same period of 2019.
(1 USD = 1.7 AZN on May 28)
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