Investments in non-oil, gas sector up by 22.5 pct

By Azernews

By Ayya Lmahamad

The volume of investments in Azerbaijan’s non-oil and gas sector increased by 22.5 percent in January-August 2022, Azernews reports, citing the State Statistics Committee.

Meanwhile, investments in the oil and gas sector decreased by 13.1 percent in the first eight months of the year.

Some AZN9.1 billion ($5.3bn) were directed to fixed capital, which is 6.9 percent more than in the corresponding period of 2021.

Of this, AZN5.3 billion ($3.1bn) or 58.2 percent was spent on production areas, AZN3.2 billion ($1.9bn) or 36.1 percent on service areas, and AZN518.7 million ($305.1m) or 5.7 percent on the construction of residential buildings.

Furthermore, AZN6.8 billion ($4bn) or 75.1 percent of fixed assets were internal funds.

Some AZN6.6 billion ($3.9bn) or 72.9 percent of the funds directed to the fixed capital was spent on the construction and installation activities.

In the total value of fixed capital investments, funds of enterprises and organizations accounted for 51 percent, budget funds for 34.5 percent, personal funds for 7.2 percent, bank credits for 2.9 percent, and other funds for 4.4 percent.

Investments in the country’s oil and gas sector increased by 5.6 percent in 2021, while investments in the non-oil and gas sector in the country decreased by 9.6 percent.