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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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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