Gubad Ibadoglu: The relocation of Ministers and the Sum of their Efforts will not Change
By the order of the President, the Ministry of Economic Development has become the Ministry of Industry and Economics. The functions of the Ministry headed by Natig Aliyev were limited to the regulation of the energy sector.
According to the expert Vugar Bayramov, this is due to the restructuring aimed at growth of the non-oil sector. "Diversification of the economy, according to the country's leadership, will lead to the fact that the share of oil production will be reduced, as the real sector in the years 2018-20 will be increased to 72-75 %. Forthcoming Regulation on the activities of the Ministry of Industry and economy is a clear testimony," he said.
Doctor of Economic Sciences Gubad Ibadoglu does not expect major changes. He believes that "usurpation" by the MED of functions of the previously existing trade bodies and the fight against monopolies has only led to cosmetic changes.
"If you see the list of appointed ministers, you will see the fruits of clans fighting for control of different areas. The Minister of Energy already was an officer with nominal functions and now without industry regulator he remains as if without portfolio. I did not see elements of modernization in the head of state order - the reversal of the Ministers will not change the sum of their efforts," concluded the scientist. - 17D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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