Consumer boom in Azerbaijan
By Messenger Staff
Thursday, May 27Despite the world financial crisis there is a consumer boom underway in Azerbaijan which has become quite visible over the last two years. Local banks have allotted to the Azeri population consumer loans worth altogether USD 4 billion.
The money which Azerbaijan receives from selling its oil and gas has created a surplus of finance and this has itself created a boom in the construction business and the production of other consumer goods. However disproportionately the oil money is distributed many more people have become able to buy certain consumer goods and this expansion of the consumer base is continuing.
The average monthly salary in Azerbaijan is approximately 350 dollars and the average monthly salary for civil servants is around 250 dollars, but still people take out consumer loans to buy different goods such as cars, furniture and home appliances. In 2009 Baku was declared to be one of the most expensive capital cities to live in in the world.