For five months of this year, the gross domestic product in Azerbaijan amounted to 23.4 billion manat, increasing by 2.8%, according to the State Statistics Committee.
The share of non-oil economy (13 bn) in GDP since the beginning of the year was 55.4%, up by 1.7%. In the annualized non-oil sector grew by 8.3%. Compared to the same period last year, the oil economy shrank by 3.6%.
Share of manufacturing in GDP by June 1 was 61.2%, and services were 31.7% and net taxes on products and imports were 7.1%. GDP in manufacturing grew mainly due to construction (17.3%), which is funded by the state. The share of mining (9,536 million) and processing industry (961 million) in GDP decreased 2.8% and 2.4%, respectively.
From the beginning of 2014, the GDP per capita amounted to 2,499.8 manat ($ 3,187.4). This is 1.7% more than in January-May 2013. By regions, the biggest GDP per capita is made in Nakhchivan - AZN 1,797.3. - 08D-
Economics
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan's Minister of Digital Development and Transport, Rashad Nabiyev, announced on the social network "X" that during the visit of Israel's Minister of Regional Cooperation, David Amsalem, to Azerbaijan, discussions were held on cooperation in innovation, space, and aviation.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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