New Rules for Railway Freight Transportation Approved in Azerbaijan

Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.

From January to August 2024, Azerbaijan’s retail trade network saw sales reach 37.2 billion manats, with consumers spending 20.6 billion manats on food products, beverages, and tobacco, and 16.6 billion manats on non-food items. This growth comes as retail turnover increased by 3.5% in real terms compared to the same period last year, according to data from the State Statistics Committee.

Azerbaijan's industrial output from January to August 2024 reached 42.4 billion manats, driven by contributions from both industrial enterprises and individual entrepreneurs. However, despite this robust performance, shifts within key sectors highlight the evolving dynamics of the nation's economy.

Azerbaijan, despite its larger natural and labor resources, is trailing behind its smaller neighbors Georgia and Armenia in banking sector development, according to Samir Aliyev, head of the Union for Economic Initiatives Support. His analysis of the financial performance of South Caucasus countries during the first half of 2024 paints a stark contrast to the country’s image as the economic leader of the region.