Azerbaijan strengthens its position with above average income per capita

Azerbaijan has been included in the number of the countries with above average income per capita since 2008 and according to the World Bank's methodology, this category includes the countries with income between $3,946 to $12,195 per capita.

The GDP growth rate per capita claims to be more accurate in assessing the country's economic development zones. It shows how much people's welfare increased as a whole. According to the official data, GDP volume, falling per capita in Azerbaijan amounted to $3.473.9 in 2007. This figure reached $5.403.9 in 2008. The income of every citizen fell to $5.018.2 in 2009 under the impact of the global financial crisis. It increased and reached $5.797.8 in 2010.

This year GDP per capita in Azerbaijan is expected to hit $5.932.3. The forecast for next year is $6.004.4 and according to the Azerbaijani government's forecasts, the figure is $7.548.3 for 2015.

This means the tendency of exceeding the real growth rate of the population's income above the level of consumer prices in the country (inflation) will be preserved. So, the real growth rate of the Azerbaijani population's income was 7.2 per cent in 2010, but the average annual inflation was 5.7 per cent.

This ratio is expected to hit 14.2 to 9.8 per cent. According to the government's forecasts, the Azerbaijani population's income will amount to $ 46 billion with the real growth at 6.8 per cent. The average annual inflation in the country is projected at 6 per cent.
Consequently the middle class will continue to increase yearly in Azerbaijan enjoying the higher paying jobs.

The middle class in any country is the foundation of economic development as they stimulate consumer demand. They are the major taxpayers and have a significant voice in resolving political and economic issues. They are also aware of their socio-economic interests and operate to realise them.


Ellada Khankishiyeva
/Trend/