State Social Protection Fund (SSPF) in January-September had a budget surplus of 13.7 million or 0.64% of the Fund's income.
According to the report, the income by October 1 totaled 2 billion 152.2 million manat (+ 8.8% per year). Most came from income from compulsory social insurance - 1 billion 243.5 million manat (+ 11%), of which 810.6 million manat or 65.2% was the share of the private sector (+ 14.2%) .
Fund expenses by 1 October were at the level of 2 billion 138.5 million manat, of which 98.1% financed the pensions and benefits.
Milli Majlis and the President approved a non-deficit budget this year at 2 billion 928,452,000 manat. --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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