Investments in Azerbaijani economy grow by over 61%

Azerbaijan allocated 1.09 billion manats to fixed assets in January 2023, 61.2 per cent more than in the same period in 2022.

The statement came from the State Statistics Committee, Report informs.

The volume of investments in the oil and gas sector fell by 8.8 per cent, while funds allocated to non-oil and gas projects increased by 2.5 times. Some 506.2 million manats [$297.4 million], or 46.4 per cent, were spent on production, 529 million manats [$310 million](48.4 per cent) on services, and 56.5 million manats [$33.1 million] (5.2 per cent) on residential building construction.

Of the funds allocated to fixed assets, domestic funds amounted to 812.1 million manats or 74.4 per cent. 844.2 million manats [$477 million], or 77.3 per cent of the funds allocated to fixed assets, were spent directly on construction and installation works.

In the total cost of funds allocated to fixed assets, the funds of enterprises and organizations amounted to 41.2 per cent, budget funds - 47.7 per cent, personal funds of the population - 6 per cent, bank loans - 2.9 per cent, and other funds - 2.2 per cent.