Industrial Production Grows by 1.3%, Maintaining Dependence on Oil

Azerbaijan’s oil and condensate production and exports saw a marked decrease during the period from January to September 2024, continuing a downward trend compared to previous years.

Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.

As of September 2024, the labor market in Azerbaijan has demonstrated active activity, total employment has reached 1,754.9 thousand people. The labor force is almost equally divided between the state and non-state sectors, which employ 878.3 thousand and 876.6 thousand people, respectively, according to the State Statistics Committee.

The Azerbaijan Land Transport Agency (AYNA) recently made headlines by announcing the suspension of plans to develop regular sea passenger transportation between the districts of Baku, including key routes connecting Baku Boulevard to the residential area of Akhmedli and the popular Shikhovo Beach. Despite years of discussions and public interest, the agency cited the project's economic infeasibility as the primary reason for the decision.