Investments in Azerbaijan's economy increase by 60%

Some 2,206.9 million manats ($1,298.1 million) or by 60.1 per cent more funds were transferred to fixed assets in Azerbaijan from January through February 2023 than in the same period of 2022.

The investments in the oil and gas sector increased by 2.4 per cent while investments in the non-oil and gas sector - 2.3 times over the past year, Report informs citing the Azerbaijani State Statistics Committee.

Around 1,125.5 million manats ($662,058) or 51 per cent of the funds used within two months were transferred to the production sectors, 968.5 million manats ($569.7 million) or 43.9 per cent - to the service sector, 112.9 million manats ($66.4 million) or 5.1 per cent - to the construction of residential buildings.

During the reporting period, 1,657.3 million manats ($974.8 million) or 75.1 per cent of the funds allocated to fixed capital accounted for internal funds, while 1,626.4 million manats ($956.7 million) or 73.7 per cent of the funds were spent on construction and installation work.

Some 44.8 per cent out of the total funds allocated to fixed capital accounted for funds of enterprises and organisations, 42.9 per cent - for budgetary funds, 6.6 per cent - for personal funds of the population, 1.8 per cent - for bank loans, 3.9 per cent - for other funds.