The State Statistics Committee published data on gross domestic product in the last 7 months. As of August 1, the volume of GDP totaled 32.1 billion manats (minus 1.87 billion compared to the same period last year).
The rate of growth in non-oil sector of the economy was at the level of 9% at the beginning of the year, while in the oil sector it was 1%. In general, the increase by 1 August was 5.6%, the information on the website of SSC reads.
In July, the combined GDP increased at 5.8 billion manats. At the same time, by 1 August the non-oil sector accounted for 68% of GDP (essentially due to the expensive cost of infrastructure projects in the transfers from SOFAZ and private foreign investment inflows). --17D-
Economics
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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