During January and February of this year the volume of industrial production in Azerbaijan amounted to 3.7 billion manat, which at current prices by 31.5% (1.7 billion AZN) was less than in the same period of 2014.
According to the State Statistics Committee, the volume of industrial production for the period increased at stable prices by 2.3%. In other words, the amount of released industrial goods grew at comparable prices.
The mining industry accounts for 59.9% (over the same period in 2014 - 71.6%), processing industry - 29.2% (21.1%), etc.
It is noteworthy that for the first time in many years, the share of the private sector in industrial production declined. In January and February, the figure was 72.8%, while in the same period in 2014 the share of the private sector in industrial production was 80%.
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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