Industrial enterprises of Azerbaijan, including entrepreneurs without legal entity status, in January - August produced goods worth 22.6 billion manat (minus 1.2% for September 1 last year). The State Statistics Committee notes that almost three quarters (72.1% or 16.2 billion AZN) products accounted for mineral extraction at 28.6 million tons of oil and 12.3 billion cubic meters of gas.
In the field of processing of products there was produced 5 billion manat, where the greatest growth (+ 78.9%) was recorded in the jewelry business and the production of musical instruments, sports and medical equipments. Growth of tobacco products was 75%.
Record (+ 91.1%) increase was in the rate of production of automotive and trailers to cars due to the joint venture (China and Belarus), which only assemble finished products from these countries. For reference - the assembly of Belarusian tractors tripled compared to last year. Manufacture of wearing apparel (by Baku Home Sewing Plant) increased by 45.7%, electrical equipment - by 20.8%, construction materials - by 18.9%. Processing of non-oil products gave 3.3 billion manat or 14.6% of total output. The production, distribution and provision of electricity, gas and steam provided 1.2 billion manat.
Production in the non-oil sector grew by 5.4% and that in the oil sector fell by 2.4%. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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