Investments in non-oil, gas sector up by 10.1 pct

By Azernews

The volume of investments in Azerbaijan’s non-oil and gas sector increased by 10.1 percent in January-March 2022, the State Statistics Committee has reported.

Meanwhile, investments in the oil and gas sector decreased by 28 percent in the first quarter of the year.

Some AZN 2.4 billion ($1.4bn) were directed to fixed capital which is by 9.5 percent less than in the corresponding period of 2021.

Of this, AZN 1.5 billion ($882.3m) or 62.5 percent was spent on production areas, AZN 743.2 million ($437.1m) or 30.4 percent on service areas and AZN 172.8 million ($101.6m) or 7.1 percent on the construction of residential buildings.

Furthermore, AZN 1.6 billion ($941.1m) or 68.7 percent of fixed assets were internal funds.

Some AZN 1.6 billion ($941.1m) or 69.2 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 61.8 percent, budget funds for 24.6 percent, personal funds for 8.1 percent, bank credits for 1.7 percent,  and other funds for 3.8 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.