President Ilham Aliyev attended the opening of an oxygen plant of CJSC Baku Steel Company - one of the two metallurgical enterprises of Azerbaijan. Aliyev familiarized himself with the activities of the enterprise and looked at the output produced here.
CJSC Baku Steel Company belongs to LLC Polyton and one offshore company. The Director of Polyton LLC is Ashraf Kamilov, a member of Ata Holding Supervisory Board. He also owns a 99% stake in Synergy Group and 51% of the shares of Accord Corporation by LLC VIP Estate. -06B-
Economics
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Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
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In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
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Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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