July 25 this year, a regular gathering of the Supervisory Board of the State Oil Fund of the Azerbaijan Republic (SOFAR) was held.
The governing body of SOFAR, meeting under the chairmanship of Prime Minister A. Rasizadeh, adopted the outcome of the fund for the year 2012 and the external auditor (the company Ernst & Young). Project execution last year's budget, it was also decided to submit to the President.
Rasizadeh was reelected for Chairman of the Supervisory Board for 2013.
In addition to the prime minister today it consists of 6 people: Deputy Speaker Valekh Alesgerov, State Adviser on Economic Policy Vahid Akhundov, Finance Minister Samir Sharifov, Minister of Economic Development Shahin Mustafayev, Chairman of the Board of the National Bank of Azerbaijan Elman Rustamov and President of the National Academy of Sciences Akif Alizadeh.
Meetings of the Council shall be held at least once a quarter. - 15D -
Economics
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On September 11, 2024, Azerbaijan's Economic Council, chaired by Prime Minister Ali Asadov, convened to review the draft state and consolidated budgets for 2025-2028. The meeting, dedicated to key financial and economic issues, addressed global economic trends, macroeconomic forecasts for 2024-2028, and the country’s budget policy for the coming years.
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Azerbaijan's fixed asset investments in the first eight months of this year totaled 11.2 billion manats, reflecting a 1.7 percent increase compared to the same period last year, according to data from the State Statistics Committee. This uptick highlights the country’s ongoing commitment to infrastructure development, though the composition of investment flows reveals contrasting trends between sectors.
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Azerbaijan’s gross domestic product (GDP) grew by 0.8% in the January-August 2024 period, reaching 80.96 billion manats ($47.62 billion), reflecting stability in overall production compared to the same period in 2023, according to data from the State Statistics Committee.
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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