Azerbaijan's retail sector showed 3.4% growth in the first half of 2024
Azerbaijan's retail trade sector demonstrated robust performance in the first half of 2024, with total sales reaching 27,251.2 million manat, according to data released by the State Statistics Committee.
The breakdown of sales included 15,036.4 million manat spent on food products, beverages, and tobacco, while non-food items accounted for 12,214.8 million manat. Compared to the same period in 2023, the retail turnover increased by 3.4% in real terms. Food products, beverages, and tobacco sales rose by 1.9%, while non-food products saw a more substantial increase of 5.2%.
Consumption patterns revealed that food products dominated consumer spending, comprising 50.6% of total expenditures in the retail network. Drinks and tobacco products accounted for 4.6%, textiles, clothing, and footwear 12.9%, and gasoline and diesel fuel 5.7%. Electrical goods and furniture made up 4.7%, with the remaining 2.3% allocated to other categories.
Economics
-
In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
-
Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, met with Fatih Birol, Executive Director of the International Energy Agency, during the World Economic Forum in Davos. The two discussed strategies for attracting investment in the transition to green energy and implementing agreements reached at the COP29 conference held in Baku.
-
Azerbaijan’s Central Bank has outlined its commitment to maintaining inflation within its target range, as it projects stable inflation expectations for the coming years. According to a recent statement from the Central Bank regarding the parameters of its interest rate corridor, the current monetary policy is focused on keeping inflation within the target range and stabilizing inflation expectations.
-
Azerbaijan’s central bank has reported a stable currency market as its foreign exchange reserves reached $11 billion by the end of 2024, according to Taleh Kazımov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at a briefing on the parameters of the central bank’s interest rate corridor on Wednesday, Kazımov also indicated that the country's favorable external sector indicators have provided a solid foundation for currency stability.
Leave a review