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
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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Azerbaijan's State Statistics Committee announced on Tuesday that the monthly statistical reporting system for retail sales and services has been revised to enhance transparency and accuracy.
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The State Oil Company of Azerbaijan (SOCAR) is examining opportunities in geothermal energy in partnership with U.S. companies as part of Azerbaijan's efforts to advance renewable energy. SOCAR President Rovshan Najaf and John Wallace, CEO of DeGolyer and MacNaughton, met in Baku to discuss initiatives including geothermal energy projects and carbon capture, utilization, and storage (CCUS) technologies, SOCAR announced on Tuesday.
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On Tuesday, the Turan E-Commerce and Export Forum in Baku unveiled the new "Made in Turan" trademark, marking a bold step toward uniting the economic potential of Turkic states under a single label. This initiative aims to stimulate trade and strengthen economic ties among the member states of the Organization of Turkic States (OTS).
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