BAKU, Azerbaijan, May 25
By Zeyni Jafarov - Trend:
A downward tendency had been observed in the components of consumer spending in Azerbaijan for the first quarter of 2021, Trend reports referring to the review of the CBA’s monetary policy.
According to the review, over the reporting period, value of goods and services sold in Azerbaijan’s consumer market decreased by 4.1 percent year on year, making up 11.5 billion manat ($6.7 billion).
Meanwhile, 96.5 percent of the products sold and services provided by the local private entrepreneurship entities, including 47.9 percent - for individuals.
From January through March this year, each consumer had used goods and paid services by an average of 383.7 manat ($225.7) per month, which is 0.6 percent less than in 1Q2020.
The volume of trade turnover decreased by 1.1 percent compared to the first quarter of 2020 and amounted to 9.5 billion manat ($5.6 billion). Retail turnover of food, beverages and tobacco products grew by 2.1 percent, while the turnover of non-food products edged down by 4.7 percent.
At the end of the first quarter of 2021, 54.4 percent of funds in retail chains were spent on the purchase of food, beverages and tobacco products. Spending on this field rose by two percent in annual terms.
The volume of the loan portfolio by households, which is one of the components of consumer demand, has increased by 2.4 percent since the beginning of 2021 and amounted to 6.9 billion manat ($4 billion).
(1 USD = 1.7 AZN on May 25)
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