Center for Economic Research (CER) has summed up the major economic and financial events of the year.
According to its director, doctor of economic sciences Gubad Ibadoglu, the amount of foreign investments in Azerbaijan's economy uzhato to 23% in the total volume, the remaining money - investment budget in costly and unaccountable investment projects. Thus, the project of "Eurovision - 2012" turned most intense cost in recent history. Direct and indirect budgetary costs of the project amounted to $ 1 billion official cost table for 8 months of the biggest costs (1.5 times higher than normal) fell on the eve of the competition - in April this year, when all the ministries and departments spent 2 bn. According to official data released by the Ministry of Finance in the forecast of expenditure of the state budget for 2012, the reserve fund spending rose from an estimated 500 million to 1 billion manat.
Most large buildings this year in Baku - plant metal structures of the Heydar Aliyev Concert Complex "Baku Crystal Hall", hotel and office complexes "Qafqaz Baku City Hotel and Residences", "JW Marriott Absheron" and "Four Seasons". In addition, commissioned were new educational buildings of the Diplomatic Academy of the local branch of Moscow State University. University, as well as a military hospital of the Military Academy of the Ministry of National Security. For 11 months of the year from all sources in the fixed capital invested 12.6 billion manats, while done construction work at $ 7.6 bn. According to official data, 77.2% (9.7 bn) of fixed assets - domestic investment - compared to last year increased by 24%.
The biggest debtor in Azerbaijan is family and house management. According to data for the first 9 months, the proportion of individuals in the loan portfolio was 33.6%. This is 21.7% more than last year, it means that every third family is unable to purchase for cash valuables and household equipment. Interest rate on loans decreased by 0.6% - to 15.4%, it is still the obligation of citizens to the banks do not meet their financial capacity. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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