On May 10, the Baku Business Center hosted a business meeting with a delegation of the Emirate of Qatar, led by the head of the Business Development Department of the State Investment Agency, Sheikh Abdulaziz Ali al-Thani.
The Ministry of Economy held a presentation of the State Investment Company and Sumgait Chemical and Industrial Park. The Azerbaijani government is trying to attract investment to the non-oil economy via these two structures.
Note that investment activity between the two countries is not high. Foreign trade turnover between Azerbaijan and Qatar did not exceed US $ 0.5 million in 2014-2015 (according to the State Customs Committee of Azerbaijan). ------08D
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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