Numbers Manipulated in Sumgait Chemical Industrial Park

Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.

Azerbaijan appears poised for a notable economic shift in 2024, according to projections from the European Bank for Reconstruction and Development (EBRD). Inflation, a persistent thorn in the side of policymakers in 2023, is set to cool significantly, with the average annual rate expected to fall to 3.5%, compared with a high of 8.8% last year. Yet, as inflation moderates, the country's current account surplus—an indicator of its external economic strength—is forecast to narrow slightly, dropping to 8.5% of GDP from 9.9%.

Azerbaijan's vegetable and fruit exports dropped in the first ten months of 2024, with physical weight down 4.1% and value falling 1.7% compared to the same period last year, according to the State Statistics Committee. Key export products, including potatoes and hazelnuts, saw significant declines, while apples, persimmons, and tomatoes showed modest gains.

The largest scheduled maintenance ever carried out at the STAR Refinery since its launch under SOCAR's management six years ago took place from September to October 2024. This overhaul will allow the facility to increase its capacity by almost a third compared to its initial design.