Vugar Bayramov: “More than 33 billion manats of GDP is generated in the regions”

In Azerbaijan, 9.7 billion manats out of the annual 22.1 billion manats invested in fixed capital – or 44.0% – accounts for the share of the regions.

This was stated by Member of Parliament Vugar Bayramov at a conference organized by the Committee on Regional Issues of the National Assembly of Azerbaijan titled “The legacy of Heydar Aliyev in the development of regions, local democracy, and self-governance in Azerbaijan.”

He noted that more than 33 billion manats of gross domestic product (GDP) is currently generated in the regions.

“At the same time, out of the country’s total retail trade turnover of 62.2 billion manats, 24.5 billion manats fall to the regions. More than half of hotels and hotel-type establishments are now located in the regions, which is important for the development of domestic tourism,” he said.

The MP emphasized that in 2024, the number of employees working under labor contracts across the country reached 1 million 775 thousand people.

“Of these, 792,737 people live and work in the regions. This means that 45% of those employed under labor contracts are now working in the regions. The annual income of the population living in the regions exceeded 32 billion manats,” Bayramov added.

According to him, the economic policy has ensured sustainability in regional development and has gradually reduced the gap between Baku and other regions.