Income of Azerbaijan’s population in nominal terms increases
BAKU, Azerbaijan, May 27
By Eldar Janashvili – Trend:
The income of Azerbaijan’s population in nominal terms increased by 6.8 percent from January through March 2020 compared to the same period of 2019, reached 13.4 billion manat ($7.8 billion), Trend reports with reference to the Central Bank of Azerbaijan (CBA).
According to CBA, income per capita increased by 5.8 percent on an annualized basis and reached 1,350.2 manat ($794.2). In general, the income remaining at the disposal of the population increased by 5.8 percent over the year, up to 12.2 billion manat ($7.1 billion).
Over the reporting period, the nominal average monthly wage of employees increased by 28.9 percent and amounted to 744.5 manat ($437.9). In particular, the salaries of employees of state institutions amounted to 607.7 manat ($357.4), and workers of private enterprises - 845.9 manat ($497.5).
The volume of the loan portfolio of households, one of the components of consumer demand, at the end of the reporting period amounted to 7.7 billion manat ($4.5 billion).
The decline in activity in many economic areas due to the coronavirus pandemic had an impact on consumer behavior. For example, the consumer confidence index, calculated on the basis of the results of the survey "financial behavior and intentions of households", conducted in March 2020, decreased compared to the previous quarter.
This indicator is based on surveys of households with different income levels, and includes such categories of questions as “expectation of the financial situation of the family”, “expectations of the economic situation of the country”, “probability of accumulation of money” and “expectations of unemployment”.
The analysis shows that the decline in the consumer confidence index is mainly due to the deterioration of expectations on the financial condition of the country and the family, as well as an increase in unemployment expectations.
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