Production of gross domestic product in Azerbaijan for eight months of this year amounted to 36 billion manats, which is in nominal terms by 3.1 billion manats, or 8% less than in the comparable period in 2014.
At the same time, the State Statistics Committee argues that stable prices the economy grew by 4.2%.
In contrast to the manufacturing sector (19.6 billion manats), which was recorded nominal decrease (17.9%), in the services sector (13.57 billion manats), according to estimates of SSC, growth was achieved at the level of 10.2 %.
According to the SSC, in January - August the oil GDP totaled 11.4 billion manats (-0.1%). The nominal oil GDP declined by 5.1 billion manats.
The non-oil-gas sector accounted for 68.3% of GDP since the beginning of the year. The increase amounted to 7.3% of stable prices.
This year the government forecasts GDP production at 57.2 billion manats. Real growth should reach 3.3%. Thus, in 2014 the GDP was announced at the level of 59 billion manats.
In 2016, the government forecasts GDP at 57.7 billion manats. ---08D
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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