Food imports declined for first time

In a significant step towards bolstering its tourism infrastructure ahead of the 29th United Nations Climate Change Conference (COP29), Azerbaijan showcased its National Booking Platform and awarded star ratings to hotels meeting the National Star Classification standards in a ceremony on Wednesday. The event, held in Baku, underscored the country's readiness to host the international conference, set to attract a substantial influx of visitors.

Baku Metro transported 113,195,216 passengers in the first half of 2024, marking a 12.2% increase compared to the same period in 2022 and a 5.3% rise from 2023. However, the number of passengers is still 3% lower than in the first half of 2019.

Azerbaijan's agricultural sector has reported mixed results for the first five months of 2024, according to data from the State Statistics Committee (SSC). The total value of agricultural products reached 3 billion 352 million manats, a 3.1% increase compared to the same period last year.

Dutch financial services company ING Group has updated its economic growth forecast for Azerbaijan, predicting a growth rate of 2.8% in 2024, up by 0.3 percentage points from the previous estimate. For 2025, the forecast has been adjusted downward to 2.5%, a decrease of 0.2 percentage points. The growth projection for 2026 remains steady at 2.8%.