A month before the end of 2012 capital investments in Azerbaijan exceeded the figure for the same period last year by 24%. 9.4 billion AZN of the 12.6 bn AZN of investments in fixed assets was a share of non-oil sector.
According to the State Statistics Committee of Azerbaijan, the level of investment in the oil sector exceeded the general rate of 1%. The share of domestic investment in the portfolio of investments in January-November of this year was 77.2%.
The state is one of the leading donors to the economy. Just this year, the state budget for projects planned to spend about 6 billion manat. In addition, for work in the construction sector funds are allocated from the State Oil Fund. SOCAR also acts as investor in the construction sector.
During 11 months of this year in Azerbaijan was commissioned 1,556,000 square meters of living space, schools for 29,900 students and others places of social and industrial purposes.
However, due to the significant corruption most of the funds allocated to various state projects are stolen. - 08D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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