The following year, again the most expensive in the state budget will be the scope of investment projects. According to the forecast of the Ministry of Finance of Azerbaijan (http://maliyye.gov.az/sites/default/files/2015_teqdimat_t%20%283%29.pdf), if the predictions of the cost of these items for the year шы equal to 6 billion 282 million AZN, then the next year, this figure will be in the range of 6 billion 951,600,000 manat (33% of expenditure).
According to experts of Turan, if we add to this factor the traditionally high level of transfers from the State Oil Fund of 10 billion 388 million manat or 53.44% of the total 19 billion 438 million manat revenue side, it can be concluded that the government will stick to the old approach to the exclusive control of the economy without the introduction of significant reforms. The real economy will once again be on the margins of political power plans, and any increases in pensions or public sector wages will be fraught with a splash of food inflation. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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