According to the results of monitoring carried out on the building materials market in August, prices declined on average by 0.7%. Price reduction is observed mainly for rebar imported from Russia and Ukraine - 3.5%, zinc sheets - 7%, iron coat - 5.5%. This trend has occurred in respect of similar materials produced locally. During the month boards mainly imported from Russia rose by 4.3%, wood - 2.5%, tile flooring imported from Turkey - 4%, wallpaper - 5%. In August, the share of local products in the market of building materials was over 52%.
Experts attribute the decline in prices for construction materials to seasonality and large amounts of the imported material. They believe that the market activity will continue, and prices will remain stable.
Economics
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In July 2024, the State Oil Fund of the Republic of Azerbaijan (SOFAR) reported a sharp increase in currency sales, reaching $826.3 million. This figure is three times higher than the $272.7 million recorded in July 2023 and twice the amount for June 2024.
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The State Statistics Committee has reported a decline in Azerbaijan's grain production for the first half of 2024, with output totaling 1.96 million tons of grain and legumes, including corn. This represents a 5.6% decrease compared to the same period last year.
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Azerbaijan's President Ilham Aliyev has issued a decree making significant amendments to existing presidential decrees to align with the new law on payment services and payment systems, effective from July 14, 2023.
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Azerbaijani President Ilham Aliyev has approved new regulations governing tourism and recreation zones as part of a broader effort to enhance the sector's infrastructure and investment framework.
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