The price of oil falls and the public investment reduces. Investment in construction has also reduced, which led to the economic downturn. This was recognized by Ilham Aliyev at a meeting of the Cabinet.
However, the industry is growing, though at only 0.2%. The growth of non-oil sector was at 3.6%, and in the agriculture the growth was at 2.4%, he said.
Twenty-nine schools were built and 485 schools were repaired. Thirty-three health facilities were built, too. Under construction are roads and water supply and infrastructure projects. A total of 121,000 jobs were opened.
During the first 9 months 36,000 jobs were closed. This is a very good result for a crisis year, Aliyev said.
The Southern Gas Corridor is being implemented and Azerbaijan is turning into a very important transport corridor, Aliyev said. -02D-
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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