The official data of economic indicators from January to June have been promulgated.
According to figures from the State Statistics Committee, the volume of industrial production by June 1 was 10 billion 840.7 million manats (+ 3.7% to June 1 last year). This recorded growth of industrial production in the non-oil sector (+ 12.4%), while in the oil sector the production declined (minus 0.9%).
Nearly two-thirds (63.5%) of the output accounted for the mining industry, 28% - for processing, 7.7% - for the production and distribution of electricity, gas and steam, and 0.8% - for water supply, treatment and recycling of waste.
Almost all (88.4%) of the industrial production was the production of goods, while 11.6% comprised industrial services.
Just over three-quarters (76.3%) of the industrial production were the share of the private sector. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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