During 7 months, 2016 GDP of the country dropped by 3%, according to the Azerbaijan State Statistical Committee.
During this period GDP totaled 32,122,600,000 AZN ($19.95 billion at the current rate of the Central Bank of Azerbaijan (CBA).
From January to July 2016 the volume of non-oil GDP totaled 20,820,100,000 AZN, dropped by 5.4%.
From January to July 2016 oil industry had a 2% growth. According to the Committee, during this period Azerbaijan GDP dropped, because of decline of manufacture and construction services by 30.7%.
From January to July 2016 GDP per capita totaled 3,340 AZN (dropped by 4.1%).
In 2016 the Azerbaijani government forecasts GDP growth at 1.8%.
In 2015 Azerbaijan GDP increased only by 1.1% (index of 1996).—0—
Economics
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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved the application form specified in Article 30.1 of the Competition Code. This decision aims to align with the President’s decree No. 1051-VIQ dated December 2, 2023, and address regulatory requirements related to the implementation of the Competition Code.
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Azerbaijani President Ilham Aliyev has issued a decree amending the Land Code of the Republic of Azerbaijan, effective January 2025. The legislative adjustments aim to refine the management and use of agricultural land and enhance regulatory processes.
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