BAKU, Azerbaijan, April 8. Data on financial flows shows an increase in economic activity in the first quarter of 2023, Trend reports via the report of the Central Bank of Azerbaijan (CBA) on analysis of intersectoral financial flows.
"In the first quarter of 2023, incoming payments increased by 9.5 percent or 1.7 billion manat ($1 million) compared to the same period last year the figure of which totaled up to 19.2 billion manat ($11.2 billion)," the CBA report says.
According to the analysis, the largest share in the structure of incoming payments was taken by public administration, defense and social security sectors - 21.2 percent, construction - 15.3 percent, wholesale and retail trade - 13.6 percent, and mining industry - 10.2 percent.
In the reporting period, revenues in the field of transportation and warehousing increased 2.9 times, or 720 million manat ($423 million), to 1 billion manat ($588 million), construction amounted to 2.9 billion manat ($1.7 billion) with an increase of 89 percent, or 1.4 billion manat ($823 million), while agriculture sector accounted for 191.5 million manat ($112.6 million) with a growth of 75 percent.
To note, in the fourth quarter of 2022, incoming payments increased by 9.47 percent, or 2.2 billion manat ($1.2 billion) compared to the same period last year in the amount of 26 billion manat ($15.2 billion).