Industrial Production in Azerbaijan Increased by 1.1%

In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.

In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.

In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.

According to the State Statistics Committee (SSC) of Azerbaijan, the country's Gross Domestic Product (GDP) from January to November 2024 reached 113.3 million manats. In the same period of 2023, GDP was recorded at 110.2 million manats. Thus, GDP increased by 2.81% compared to the corresponding period in 2023.