BAKU, Azerbaijan, Nov. 25
By Zeyni Jafarov - Trend:
Components of consumer spending in Azerbaijan decreased in the third quarter of 2020, Trend reports citing the review of the monetary policy of the Central Bank of Azerbaijan (CBA).
The volume of goods and services sold on the market in order to meet the needs of consumers at the beginning of October 2020 amounted to 33.5 billion manat ($19.7 billion), having decreased by 7.7 percent over the year.
The cost of products and services sold by private entrepreneurship entities amounted to 32.3 billion manat ($19 billion), decreasing by 7.4 percent compared to last year.
According to the CBA, for the reporting period of this year, each consumer used goods and paid services by an average of 373.5 manat ($219.7) per month, which is 6 percent less compared to last year.
The volume of retail trade lowered by 1.6 percent compared to 2019 and amounted to 28.1 billion manat ($16.5 billion). Retail turnover of food products increased by 3.1 percent, while the turnover of non-food products decreased by 6.3 percent.
From July through September 2020, 53.9 percent of retail store funds were spent on food, beverage, and tobacco purchases. Expenditures in this segment grew by 3.1 percent compared to the same period of last year.
The volume of the loan portfolio for households, which is one of the components of consumer demand, has decreased by three percent since the beginning of the year and amounted to 7.5 billion manat ($4.4 billion).
As of early November 2020, the cost of products sold in retail chains in Azerbaijan amounted to 31.6 billion manat ($18.5 billion), which is 1.5 percent less than the same month of last year.
(1 USD = 1.7 manat on Nov. 25)
---
Follow the author on Twitter: @jafarov_zeyni