Railway Connection to Balakan Resumes After Four-Year Hiatus

In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.

In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.

In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.

Azerbaijan’s industrial sector showed resilience in 2024, with total production in January-November reaching 58.3 billion manat, a 1.1% increase compared to the same period in 2023, according to the State Statistics Committee. While growth was driven by robust gains in the non-oil and gas sectors, the report underscores a gradual but notable shift in the country’s economic priorities and production dynamics.