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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Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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