Employment and Wage Dynamics in Azerbaijan Show Growth in 2024

Azerbaijan’s oil and condensate production and exports saw a marked decrease during the period from January to September 2024, continuing a downward trend compared to previous years.

Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.

Industrial production in Azerbaijan rose by 1.3% year-on-year in the first nine months of 2024, reaching 47.8 billion manats ($28.2 billion), the State Statistics Committee reported on Monday. The growth was driven by a 0.6% increase in the oil and gas sector and an 8.7% rise in the non-oil and gas sector.

The Azerbaijan Land Transport Agency (AYNA) recently made headlines by announcing the suspension of plans to develop regular sea passenger transportation between the districts of Baku, including key routes connecting Baku Boulevard to the residential area of Akhmedli and the popular Shikhovo Beach. Despite years of discussions and public interest, the agency cited the project's economic infeasibility as the primary reason for the decision.