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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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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