The experts calculated the consumer basket"s value, referring to the standards set up by the government on April 30, 2009. The index for the able-bodied population was AZN 125.3 in August and AZN 124.62 in July. It was AZN 113.12 for pensioners and AZN 142.52 for children below 14. Therefore the indexes declared officially and those calculated independently are in strong (double) discrepancy.
The food costs were AZN 64.7 for able-bodied people, AZN 58 for pensioners and AZN 71.8 for children. The non-food costs were AZN 35.5 for able-bodied people, AZN 31.7 for pensioners and AZN 50.7 for children. The service costs were AZN 26, AZN 23.3 and AZN 19.2 respectively.
According to the law on the minimum cost of living in 2010, the index should be AZN 87, with AZN 96 for able-bodied people, AZN 68 for pensioners and AZN 72 for children. --17D--
Economics
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The Agency for the Development of Small and Medium-Sized Businesses (KOBIA), in collaboration with the Ministries of Economy and Ecology and Natural Resources, organized a conference today in Baku focusing on the role of small and medium-sized enterprises (SMEs) in advancing the green economy.
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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