Baku: The consumer market in Azerbaijan witnessed a significant growth in the first quarter of the year, expanding by over 5%. In the January to March period, goods and services valued at AZN 18.5 billion were sold to meet consumer demand, as reported by the State Statistical Committee to APA-Economics.

According to Azeri-Press News Agency, this represents a 5.1% increase at comparable prices compared to the same period last year. Of the total value, 78.9% was attributed to retail trade turnover, 18.1% to paid services for the population, and 3% to public catering turnover.

The non-state sector played a pivotal role during this period, with the value of goods sold and services provided by these enterprises increasing by 4.9% year-on-year. This sector accounted for AZN 17.7 billion, with individual entrepreneurs contributing 44.9% to this value.

Furthermore, the average consumer expenditure rose, with individuals spending an average of AZN 602.3 per month. This is an increase of 54 AZN in nominal terms compared to the previous year.