
Employers underpaid hired employees nearly half a million manat
In January-May hired workers received 432,146 manat of social benefits, underpaid by employers. According to state labor inspection services in the Ministry of Labor and Social Protection of the Republic of Azerbaijan, of the 402,181 manat or 93.06% were paid as salary, and the remaining amount - for social payments and compensation for the resulting damage. In May were paid 54,467 manat, including 52,713 manat - for salaries, 1,702 manat - for social payments and compensation, and AZN682 - to compensate for the resulting damage. --17D-
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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