With the reduction in the real estate market, including property, the State Statistics Committee published the phenomenal growth in production of building materials (+ 19.4% by July 1 of the previous year). In absolute terms, it is 234.7 million manats. According to experts, this volume has no relation to the real economy, and is aimed at the realization of investment projects financed, as a rule, from the state budget.
This is confirmed by figures: The most rapid growth was shown by the producers of processed marble, travertine and alabaster and articles thereof (3.5 times) - 6,179 tons and asphalt (+ 31.2%) – 196,500 tons, with an inconspicuous growth (0.6%) in cement - 1 million 393.4 thousand tons. Production of gypsum increased 1.3% to 92.2 thousand tons.
For some items, even according to official statistics there is decline: concrete structures were produced in 8.4 thousand cubic meters (minus 47.2%), ready-mixed concrete - 521.3 thousand tons (minus 28.5%), and building bricks - 122 thousand cubic meters (minus 5.5%). --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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