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-
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- Economics
- 19 June 2014 12:57
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- Question-answer
- 19 June 2014 13:15
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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