In the seven months of this year the Gross Domestic Product of Azerbaijan reached AZN 30.783 million, an increase of 1.6% (476.5 million manat) more than in the comparable period in 2011.
According to the State Statistics Committee, the level of non-oil GDP (49.3%) is almost close to the oil GDP. Production of non-oil sector GDP for the period grew by 10.5% to 15.2 billion manat. The volume of GDP in the oil sector declined 6%.
In the SCS they told Turan the proportion of spheres of production in GDP is 67.4%, including industry - 52.3%, construction sector - 9.6%, and agriculture - 5.5%. The share of net taxes on production and imports amounted to 6.1%.
GDP per capita in Azerbaijan for seven months in 2012 amounted to AZN 3,364.7 or $ 4,280.9. The GDP per capita increased over the period by 1.7%. - 08D-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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