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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But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
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Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
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A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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