Within two months of this year, gross domestic product in Azerbaijan amounted to 8.5 billion manat, which is 1.6 % more than in the comparable period of 2013. The production of oil and gas GDP for the period decreased by 5.7%.
According to the State Statistics Committee, the GDP growth of non-oil sector amounted to 8.8% YTD . The share of non-oil sector in the GDP reached 53.9 %.
GDP growth has been achieved due to increased production in the service sector by 6.8 %. The share of the services ( 2682 bn) in GDP is 31.7 %.
In January-February 2014 as a result of lower production volumes of oil GDP extractive industry decreased by 5.5 %. In general, for the period indicated, the share of the mining industry in GDP was 42.6 %.
GDP per capita for two months totaled 903.5 manat or $ 1,191.9. -08D-
Economics
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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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Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.
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Azerbaijan appears poised for a notable economic shift in 2024, according to projections from the European Bank for Reconstruction and Development (EBRD). Inflation, a persistent thorn in the side of policymakers in 2023, is set to cool significantly, with the average annual rate expected to fall to 3.5%, compared with a high of 8.8% last year. Yet, as inflation moderates, the country's current account surplus—an indicator of its external economic strength—is forecast to narrow slightly, dropping to 8.5% of GDP from 9.9%.
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