By August 1, the volume of gross domestic product in Azerbaijan amounted to 32 billion 122.6 million manats (minus 3% from the same period last year).
According to State Statistics Committee, the share of non-oil sector accounted for 20 billion 820.1 million manats (minus 5.4%) and 64.82% to the total GDP. This figure reflects the savings on investment projects in comparison with January-July of the past financial cycle.
Against this background, the share of hydrocarbon production increased (+ 2%), amounting to 11 billion 302.5 million AZN. --17D-
Economics
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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In its latest Transition Report covering 2024–2025, the European Bank for Reconstruction and Development (EBRD) highly praised Azerbaijan's efforts in digital transformation and cybersecurity. The Bank noted that investments in digital networks have led to significant infrastructure improvements, including a one-third increase in internet speed over the past year.
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