Approximately 30% of last year's growth of the non-oil sector of Azerbaijan was ensured by construction within the investment, including capital expenditures of the state budget and extrabudgetary funds.
According to the report of the Central Bank (CBA) on monetary policy in the past year, the total non-oil GDP growth was at 7%. In the agricultural sector meanwhile there was a decline - minus 2.6%. According to experts, the result was influenced primarily by the unconfirmed expectations of the government and villagers in the area of ??import capacity of the Russian Federation. As a result of the devaluation of the ruble in all regions of the Russian Federation fixed prices were introduced, making it unprofitable to export fruits and vegetables into this country.
With regard to other areas of the non-oil sector of the economy, the highest growth after construction was recorded in the tourism business and public catering - 18.2%, information and communications - 15.1%, as well as trade and repair of vehicles - 10%. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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