The State Statistics Committee published the main macroeconomic indicators for the first five months of this year, according to which, the gross domestic product (GDP) in Azerbaijan's economy amounted to 21 billion 344.3 million manats, which in comparable prices was by 5.3% more than in the same period of 2014. It is noteworthy that, in current prices, GDP fell by around 2.1 billion manats or 9%, which affects in GDP per capita.
According to the SSC, the non-oil sector produced 14.1 billion mantas of added value, which in comparable prices was 7.6% more compared to the first five months of last year. In the oil sector the GDP increased by 2.3%. The share of non-oil sector in the GDP reached 66.1%, up 11.4% to January-May 2014.
Note that the share of private sector in GDP in 2014 was 81.9%. ---08D
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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