From January to June 2012 Gross Domestic Product (GDP) in Azerbaijan totaled 25.9 billion AZN, which is equal to 370 million AZN in comparable prices or up 1.5% against the same period in 2011, a source from the State Statistical Committee told Turan.
Specific weight of the non-oil sector in GDP constituted 47.8%. During six months 2012 the non-oil sector increased by 1.3%. According to the State Statistical Committee, oil GDP dropped by 6.4%.
67.7% of GDP fell to the production sector, including 54% of industry. 9.2% was produced in the construction sector, 5.4% in agriculture and 4.5% in the transport sector.
During 6 months, 2012 GDP production per capital totaled 2828 AZN or $3597.-0-
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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