In January of this year, the government cut the financing of investment projects. By the order of the President the building of only the most important objects for the economy and social life will be continued.
According to the State Statistics Committee, the state budget spent 130.6 million manat to finance projects of transport, education, health, etc. This is 57.1% less than in January 2014. For example, for the construction of public administration, defense and social security 4.9 million manat was spent from the budget, which is only 5% of the size of government allocations for this area in January last year.
This year, the state budget will spend 6.93 billion manat on public investment. But it is expected that the government will undertake the budget sequestration, reducing both its revenue and expenditure part due to the decline in oil revenues. -----08B
Economics
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Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
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Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
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In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
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The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
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