Today the State Statistics Committee published the report on socio-economic development of Azerbaijan for 2014, 10 days after the preliminary discussion in the Cabinet of Ministers chaired by President Ilham Aliyev.
Last year, the volume of gross domestic product in Azerbaijan amounted to 58 997 800 000 manat, which is 2.8% more than in the previous year. The share of non-oil economy (about 36 billion manat) accounted for 60.1% of GDP, which grew by 7%.
Oil GDP (23 billion manat) in the past year decreased by 2.9%.
GDP per capita last year was 6 264.1 manat or about $ 8,000, which was 1.5% higher than the figure for 2013.
The share of industry in GDP was 41.5%, agriculture - 5.3%, construction - 12.5%. ---08D
Economics
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Azerbaijan's commodity exports fell sharply in the first half of 2024, decreasing by 18.5% to $12.4 billion, according to data from the Central Bank. This marks a significant shift in the country's trade performance, primarily driven by changes in the oil and gas sector. Despite the overall decline in export figures, oil and gas exports remained strong, supported by favorable global market prices for crude oil and natural gas.
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Azerbaijan, a nation where post-Soviet welfare policies are often compared to those of its neighbors, finds itself at the center of a debate over the absence of state-provided child benefits. Unlike other former Soviet republics, Azerbaijan does not offer universal payments for children. This issue gained attention during the parliamentary elections in September 2024, as political candidates promised to push for the reintroduction of child benefits if elected to the Milli Majlis.
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Azerbaijan's foreign direct investment (FDI) portfolio for the first half of the year continued to be dominated by the oil and gas sector, which attracted 80.4% of the total FDI inflow of $3 billion, according to the Central Bank of Azerbaijan. This reflects a persistent trend of reliance on energy resources, as the country plays a critical role as a key energy producer in the region.
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A Baku seminar titled "Green Building Initiative in Azerbaijan," held on September 12, spotlighted the country’s increasing focus on sustainable construction. Organized by the State Committee for Urban Planning and Architecture, in collaboration with the International Finance Corporation (IFC), the event brought together key stakeholders from both the public and private sectors, reflecting a growing national commitment to environmentally conscious building practices.
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