As of July 1 the Azerbaijan Mortgage Fund (AMF) through authorized banks issued 17,997 mortgage loans totaling 730 million 802.42 thousand AZN. The same indicators were at the beginning of June, that is, in the past month, none of the potential borrowers received a credit for housing. In May, 2 loans of 50,000 AZN each were granted. In April 2 loans were issued in the amount of 93.02 thousand AZN.
Recall, last year was more effective for borrowers - 2,146 loans totaling 97 million 273.98 thousand AZN were issued.
Housing loans have been issued by the AMF since 2006. Social loans (up to 50,000 AZN, under 4% per annum) have been virtually absent since the second half of 2007. Now inhibited is the issuance of commercial mortgage loans (up to 50,000 AZN under 8% per annum). The reason is the lack of benefits from these loans for the authorized financial institutions. They earn more from consumer (20% to 40% per year) and business (12% to 18%) credits. --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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