The pace of GDP decline in Azerbaijan is slowing down
In the first half of 2024, Azerbaijan produced a gross domestic product amounting to 59,520.4 million manats, which is 4.3% higher than the same period last year, according to the State Statistics Committee (SSC).
Value added in the oil and gas sector increased by 0.6%, while the non-oil and gas sector saw significant growth of 6.9%, as reported by the SSC. GDP production was diversified across various sectors: industry accounted for 38.5%, trade and repair of motor vehicles for 9.7%, transportation and storage for 7.0%, construction for 5.8%, agriculture, forestry, and fishing for 5.8%, accommodation and food services for 2.4%, and information and communication for 1.7%. Other sectors, along with net taxes on products and imports of industrial goods, contributed 19.5% and 9.6% to GDP respectively.
According to Turan's calculations, GDP actually contracted by 1.3% during the reporting period, as GDP for the first six months of 2023 amounted to 60,302 million manats. However, the six-month figures for 2024 indicate a slowdown in the GDP production decline. In previous months, the decline was at a level of 4.5%.
GDP per capita for the first half of 2024 amounted to 5,840.7 manats.
Economics
-
Heads of national road transport associations from member states of the Organization of Turkic States (OTS - TDT) gathered in Istanbul to launch a landmark initiative: the creation of the International Association of Road Transporters (TDT-URTA). This ambitious plan, unanimously approved by all participants, marks a significant step toward enhancing cooperation in road transportation among Turkic-speaking nations.
-
The European company Tree Energy Solutions (TES), with headquarters in Switzerland and Belgium, has signed a Joint Study Agreement (JSA) with SOCAR during COP29. The agreement aims to explore the development of a project for producing electricity from natural gas in the form of e-NG (synthetic methane) and hydrogen in Azerbaijan.
-
EU Commissioner for Climate, Wopke Hoekstra, voiced his concerns about the inclusiveness of discussions surrounding key documents at the COP29 summit during a session organized by the presidency on November 21, called the "Kurultai" (the official name of the event).
-
Azerbaijan plans to allocate 7.676 billion manat ($4.5 billion) for the financing of the State Social Protection Fund (SSPF) in 2025, marking a 10.5% rise from the 2024 budget, according to Musa Quliyev, Chairman of the Parliamentary Committee on Labor and Social Policy.
Leave a review