In January-July 2016 the volume of industrial production in Azerbaijan totaled 17.6 billion manat, which is by 0.9% more than in the same period last year, the State Statistics Committee. Industrial production increased by 0.9%. In the oil sector, industrial production grew by 0.7%, in the non-oil sector - 2.6%. The share of extractive industries in the structure of industrial production for the mentioned period was 65.1%. The growth was 0.9%. The volume of oil production increased by 0.7%, the production of natural gas was reduced by 8%. The share of the processing industry accounts for 28.6% of industrial production. Over the seven months since the beginning of the year processing sector showed an increase of 3.8%. Manufacture of tobacco products increased by 10.5%, manufacturing weaving industry - 2.8 times, clothes - 9.6%, metal products - 2.3%, finished metal products - 17.4%, etc. There is a reduction in some types of industrial products: drinks - 12%, chemical products - 11.5%, rubber and plastic products - 16.6%, construction materials - 21.3%, etc. On August 10, at the opening of the plant for the assembly of bicycles in the Ismayilli region, President Ilham Aliyev said that industry and agriculture are two important areas to diversify the country's economy in the coming years. 08D
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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