An expanded Board meeting of the Ministry of Economy and Industry of Azerbaijan took place yesterday.
It was decided to cancel the licensing of industrial enterprises specializing in the procurement, processing and sale of non-ferrous metals, as well as commercial and industrial waste, which is composed of precious metals and stones. The proposal was made in accordance with the request of the President at the recent meeting of the Cabinet of Ministers on the results of socio-economic development for the 9 months of this year and the challenges ahead.
The Ministry Board also decided to reduce the number of licensed activities (according to the Ministry, there are 59 of them today). --17D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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