In the two months of this year Azerbaijan’s Gross Domestic Product amounted to 7 billion 888.7 million manat, which is 3.2% less than in the comparable period of 2015. This is despite the fact that the national currency has depreciated over the period to against the US dollar in more than two times.
A source in the State Statistics Committee noted that the main reason for reducing the level of GDP was falling transport volumes and investments in the construction sector.
The rate of reduction of the GDP production in the non-oil sector (-5.5%) is even higher than the overall rate of production of GDP. The share of its production in the GDP structure was 66.7%. In the oil sector a slight increase (1.1%) was recorded.
Manufacturing GDP per capita was 882.3 manat (-4.3%). In dollar terms, the figure was only $ 521.4. -------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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