Investments in non-oil, gas sector up by 12.1 pct

By Azernews

By Ayya Lmahamad

The volume of investments in Azerbaijan’s non-oil and gas sector increased by 12.1 percent in January-February 2022, the State Statistics Committee has reported.

Meanwhile, investments in the oil and gas sector decreased by 11.2 percent in the first two months of the year.

Some AZN 1.3 billion ($788m) were directed to fixed capital which is by 2.1 percent less than in the corresponding period of 2021.

Of this, AZN 984.3 million ($578.9m) or 73.5 percent was spent on production areas, AZN 240.6 million ($141.5m) or 17.9 percent on service areas and AZN 114.8 million ($67.5m) or 8.6 percent on the construction of residential buildings.

Furthermore, AZN 779.5 million ($458.5m) or 58.2 percent of fixed assets were internal funds.

Some AZN 815.9 million ($479.9m) or 60.9 percent of the funds directed to the fixed capital was spent for construction and installation works.

In the total value of fixed capital investments, funds of enterprises and organizations accounted for 75 percent, budget funds for 10.4 percent, personal funds for 9.4 percent, bank credits for 0.75 percent,  and other funds for 4.7 percent.

It should be noted that 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.