06.Oct .2020 17:16

Monthly Earnings of Georgians are the Lowest among its Neighbors

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With USD 367 Georgia’s monthly earnings is the lowest in comparison with its neighboring countries. The figure is more than twice big in the Republic of Turkey, which has shown the highest earnings among the countries of our study.

Georgia's monthly earnings stood at 367 USD in Jun 2020, compared with the previous figure of 411 USD in Mar 2020. Monthly earnings in Armenia in Aug 2020 has dropped from USD 396 to USD 383. The figure is the second lowest in our study. Monthly salaries of Azerbaijanis’ is higher by over USD 40 than of Armenians’. The figure stood at USD 421 in Jul 2020. Just in one month, from June to July 2020 Russia’s monthly earnings has shrank by USD 50. The data stood at USD 703 in Jul 2020. With USD 1,008.54, the Republic of Turkey has shown the highest rate of monthly earnings among the neighboring countries of Georgia.

Despite the data of monthly earnings, BM.GE has searched for a record high and a record low salaries per each country.
Monthly earnings data for Georgia is available from Mar 2007, with an average number of USD 414. The data reached an all-time high of USD 526 in Dec 2014 and a record low of USD 187 in Mar 2007.

Armenia’s monthly earnings data is obtainable from Jan 2002, with an average number of USD 316. The figures reached an all-time high of USD 517 in Dec 2017 and a record low of USD 40 in Jul 2002.

The State Statistical Committee of the Republic of Azerbaijan provides average monthly salary from Jan 1995, with an average number of USD 262. The numbers reached an all-time high of USD 567 in Jan 2015 and a record low of USD 8 in Jan 1995.

From Jun 1992 to Jul 2020, an average earnings in Russia stood at USD 405. The figures reached an all-time high of USD 1,205 in Dec 2013 and a record low of USD 25 in Nov 1992.

The economy of Georgia is closely related to its neighboring countries, including the volume of FDI, trade and remittances. Any fluctuations on the markets of neighbor states is of significant importance for Georgia, since it directly carries impact over our economy. An ongoing trend of reduction of monthly salaries in the region will continue affecting Georgian economy.

The figures studied in our article are provided by CEIC Data, which publishes data insights into more than 200 economies based on official sources of the countries. Average market exchange rate published by the Central Banks is used for currency conversions.