The State Statistics Committee has published data on the gross domestic product over the past three quarters. As of October 1, the volume of GDP totaled 40.7 billion manats (+ 3.7% compared to the same period last year).
The share of services amounted to 38.3%, industry - 34.2%, construction - 13.5%, agriculture - 6.5% and net taxes on products and imports – 7.5%. The rate of growth in the non-oil sector was at 6.4%, while the oil sector lagged - 0.1%.
At the same time, by 1 October the non-oil sector accounted for 68.8% of GDP (essentially due to costly infrastructure projects on budget transfers from SOFAZ and private foreign investment inflows). --17D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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