Development of the local economy's gross domestic product by 1 September totaled 39.2 billion manat. Approximately half (45%) of value added accounted for industry, 11.8% - in the construction sector, 9.9% - in the trade and services, 4.9% - transport, 5.1% - on the agricultural sector, 1 7% - on enterprise communications and information. Other, minor areas in general have taken a little more than a fifth (21.6%) of economic niches.
Value added per capita in January - August amounted to 4 170.3 manat ($ 5 317.3), of which 57.3% was the share of non-oil sphere (+ 6.3% for September 1 last year). Against this background, notable decline in oil and gas sector (minus 2.6%). When comparing the data of the past years and it turns out that an increasing proportion of the building complex, trade, communication and transport. Growth is due to the internal market – the exports lag is 5.9% and the imports lag is 21.4% compared to last year. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) and Subsea7, a global leader in offshore engineering and construction, are exploring further collaboration on new projects in the Azerbaijani sector of the Caspian Sea. During a meeting between SOCAR President Rovshan Najaf and Subsea7 CEO John Evans, the two sides discussed the potential for Subsea7’s technological innovations to play a role in upcoming ventures. They also considered other areas of mutual interest for both companies.
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According to the State Customs Committee and the State Statistics Committee, Azerbaijan saw a significant increase in meat imports during the first nine months of 2024, amid more modest growth in domestic production.
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The event "Sustainable Transport of the Future" is being held in Baku on Wednesday, organized with the support of Azerbaijan Railways CJSC, aimed at promoting the concepts of sustainable transport that minimizes environmental impact. The event highlights environmentally friendly transportation options, such as walking, cycling, green public transport systems, and eco-friendly vehicles, all contributing to the reduction of greenhouse gas emissions.
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On October 23, 2024, the 3rd Conference of Energy Ministers within the framework of the "One Belt, One Road" (OBOR) initiative opened in Qingdao, China. Energy ministers from around the world gathered to discuss critical issues related to global energy security, the transition to clean energy, and innovations in the sector.
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