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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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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