Average monthly salary in Baku for 1H2020 increases

Finance Materials 2 September 2020 14:44
Average monthly salary in Baku for 1H2020 increases

BAKU, Azerbaijan, Sept. 2

By Fidan Babayeva - Trend:

The average monthly nominal salary of employees in Baku grew by 17.5 percent in the first half of 2020 compared to the same period in 2019 and amounted to 959.8 manat ($564.5), Trend reports on Sept.2 referring to the Baku City Statistics Department.

From January through July of this year, cost of paid services to the population in real terms was by 25.1 percent less than in the first 7 months of last year and amounted to slightly 2.2 billion manat ($1.2 billion), according to the department.

Meanwhile, legal entities provided services worth over 1.4 billion ($820 million) to the population, which made up 64.3 percent of the total cost of services.

As a result of increasing salaries and accelerating the development of the private sector, the average monthly nominal salary in Azerbaijan reached 984 manat ($578.8) from January through May 2020.

As of July 1, 2020, the number of hired employees in the country's economy increased by 5 percent compared to the same period of 2019 and reached almost 1.7 million people; 922,100 of them were employed in the public sector while 773,000 - in the private sector.

Some 19.5 percent of the total number of hired workers in the country is involved in education sector, 18 percent - in trade sector, 13 percent - in industry, 8 percent - in health and social welfare sector, 8.2 percent - in construction, and 6.6 percent - public administration and defense.

Moreover, 4.5 percent of the hired workers are involved in transport and warehousing, 3.4 percent - professional, scientific and technical activity, 3.5 percent - agriculture, forestry and fisheries, 1.7 percent - financial and insurance activity, 13.6 percent - in other spheres of the economy.

As a result of comprehensive social reforms carried out on the basis of the relevant instructions of Azerbaijan’s president, the minimum wage in the country was increased to 250 manat ($147), which significantly affected the salaries of civil servants, employees of a number of budgetary institutions, enterprises and organizations, and state oil companies.

(1 USD = 1.7 manat on Sept. 2)


Follow the author on Twitter: @Fidan_Babaeva