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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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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