In January-August 2016 Azerbaijan produced gross domestic product in the amount of 38 billion manats, which in comparable prices was 3.1% less than in the same period of 2015, the State Statistics Committee reported.
The non-oil sector accounted for 65.7% of GDP. At the same time the GDP decline rate was 94.2% in the non-oil sector compared to the same period last year. The SSC noted that this was due to the fall in the construction sector by 32.3%. This year, the government has cut public investment in the economy by about three times.
The GDP per capita was 3,953 manats, by 4.3% less than last year. ----08D
Economics
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BP, which has been operating in Azerbaijan for almost 32 years and is a strategic partner of the country, has outlined its steps for 2025 and the medium-term future, both for ongoing projects ("Shah Deniz," "Azeri-Chirag-Gunashli" – key fields of the country) and for the "green" project of creating the Shahdag Solar Power Station (SPS) in the Jebrail district. BP's vision was shared by Vice President for the Caspian Region, Bakhtiyar Aslanbeyli.
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Last week, another round of negotiations between SOCAR and Tatneft took place in Baku, as the two companies have been discussing potential cooperation for the past three years.
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Azerbaijan’s corporate sector needs to develop an appropriate system for assessing employees, according to Jalal Gasimov, CEO of PASHA Holding. Speaking at the Human Development Forum in Baku, Gasimov emphasized the importance of moving beyond merely evaluating employees based on performance outcomes.
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The launch of the Azeri Central East (ACE) platform in Azerbaijan's Caspian Sea shelf marked an important milestone for BP in 2024, said BP CEO Murray O'Kinkloss on February 11, presenting the company's 2024 report.
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