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’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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