Azerbaijan cuts gold production in 2023

Gold production in Azerbaijan totaled 2,614 kg for 2023 (17.7% less than in 2022), ABC.AZ was informed at the State Statistics Committee.

Azerbaijan discussed with Carlsberg localization of production in the country

Azerbaijan and brewing company Carlsberg Group discussed the localization of company's production in the country within the Davos Economic Forum.

Last year, Azerbaijan's economy grew by 1.1%

In 2023, Azerbaijan produced GDP by AZN 123 bn (or by 1.1%) more than a year earlier.

Tax revenues in the NAR increased in 2023

In 2023, the State Tax Service (under the Ministry of Economy of the Nakhchivan Autonomous Republic) received taxes in the amount of more than 164.7 million mantas

Gold production by a British company in Azerbaijan fell by 45%

12.3% of taxpayers registered in Azerbaijan were with foreign investments

In 2023, 87.7% of registered commercial organizations have local investments and 12.3% have foreign investments.

Total number of taxpayers grew by 8.2% against 2022

Inflation reached 8.8% in Azerbaijan

The average annual inflation rate at the end of 2023 was 8.8% against 13.9% at the end of 2022.

25% of small business expenses on Social Security Fund are not taxed - Innovation

Forecast: Production of renewable energy sources may increase 2.5-fold in 2030

Renewable energy production could grow 2.5-fold by 2030, according to COP28 Climate Conference.

Average annual inflation in Azerbaijan is expected to reach 6.2% - Forecast

ING Group (The Netherlands) predicts that the average annual inflation in Azerbaijan will be 5% in 2024 and 5.6% in 2025

Azerbaijan adopts another state standard

Türkiye’s tomato export has grown sharply

The export of tomatoes from Türkiye in 2023 increased by 42.8% versus 2022 and reached $538.7 million.

Up to 300 trucks be able to cross Astarachay River every day

The automobile bridge built between Iran and Azerbaijan across the Astarachay River will contribute to trade and transit ties between the two countries, as well as economic growth.

UN: Azerbaijan's GDP growth is expected to reach 5.9%

The UN forecasts Azerbaijan's GDP growth at 2.6% in 2024.

Service for Special Communications & Info Security is endowed with extra powers

The Cabinet Ministers has approved the Procedure for determining compliance with the requirements for technological equipment & software that should be used by state bodies (institutions) and local governments.

What will be economic growth next year?

In 2024, real GDP growth in Azerbaijan will amount to AZN 118.4 bn, which means an increase of 2.4%.

Property tax to be paid by individuals to be improved

The mechanism for paying property tax to be required from individuals for premises will be improved.

A company, part of AzerGold, suffers losses for AZN 3.578 million

Daşkəsən Dəmir Filiz LLC (DDF), a company of AzerGold CJSC, specializing in iron ore and which has not yet started its full-fledged activity, also finished 2022 with loss.

Changes in property tax of tourism entities announced

Mechanism of debt repayment of companies presented

The mechanism has been created to reimburse the debt of companies.