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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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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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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