Number of People Employed in Economy Falls by 2,800
Baku / 14.09.17 / Turan: As of August 1, the economy of Azerbaijan employed 1 million 524.9 thousand people. According to the State Statistics Committee, this is 11,000 more than in the beginning of this year, less than a month earlier.
Over the month, the number of people hired to work in the economy fell by 2,800, which was mainly due to the public sector. As of August 1 this year, the public sector employed 879,000 people, 2,100 less than in early July.
According to official data, the unemployment rate in Azerbaijan is 5%. Independent economists disagree with this indicator and note that the majority of rural residents should also be referred to the unemployed, since they do not have a permanent source of income. The government attributes this category of persons to the employed population, and justifies its attitude by the fact that these individuals have private agricultural land plots. -------08B--
Economics
-
On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
-
The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
-
Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
-
Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
Leave a review