Azerbaijan sees significant growth in employment, with 70,000 new jobs in 2024

Azerbaijan has successfully created around 70,000 new jobs between January and September 2024, with over 92% of these positions in the private sector, according to Elnur Aliyev, the country's First Deputy Minister of Economy.

At the Dayaq Award ceremony on December 16, Aliyev shared that 69,600 new jobs had been added in the nine-month period, Caliber.Az reports.

He emphasized a notable shift in employment trends, revealing that the share of private sector employment contracts had increased from 37.1% in 2018 to 52.4% in 2024. This surge in private sector employment reflects the country’s ongoing economic growth and efforts towards diversification.

In parallel, Sahil Babayev, Azerbaijan's Minister of Labour and Social Protection of Population, also highlighted the impressive developments in the country’s labour market. Speaking at the same event, Babayev noted that Azerbaijan’s private sector had made remarkable strides, with the number of labour contracts doubling.

"Azerbaijan is experiencing dynamic growth across various sectors. The economy is strengthening, the population's welfare is improving, defence capabilities are being enhanced, and, crucially, we are rebuilding the liberated territories from the ground up," Babayev said.

He went on to emphasize the ongoing development of modern infrastructure and large-scale programmes aimed at resettling displaced citizens, which are becoming key aspects of the country's growth.

In the past six years, the number of labour contracts nationwide has risen by 50%, thanks to collaboration between government agencies and business leaders. This growth has led to 609,000 new citizens entering the official workforce, with the wage fund tripling in the same period.

More than 80% of these new contracts — approximately 500,000 — have been in the private sector.

"The private sector has effectively doubled the number of labour contracts, and the wage fund has tripled," Babayev remarked, underlining the positive impact of recent reforms. He also highlighted key improvements in wages, with the minimum wage nearly tripling, the average salary almost doubling, and the median salary rising by 1.2 times over this period.

“These are remarkable milestones and a clear triumph in our ongoing journey of progress,” Babayev concluded, showcasing Azerbaijan's continued advancements in both economic growth and the labour market.

By Aghakazim Guliyev