ECONOMY
® COP29 boosts Azerbaijan’s economic momentum with record growth
Mastercard’s data reveals the significant impact of COP29 on Azerbaijan’s economy.
Azerbaijan has experienced an unprecedented economic uplift fueled by the 29th UN Climate Change Conference (COP29) in Baku, demonstrating its significant impact on the nation’s development. The key indicators reflected in Mastercard Advisors' promptly prepared report on the impact of COP29 on Azerbaijan, based on point-of-sale (POS) spending data from Mastercard, show the extraordinary progress made thanks to this global event.
Tourism growth reaches new heights
Tourist arrivals surged by an impressive 148% during COP29 week compared to the same week in 2023, and an astounding 16 times compared to the F1 week of 2024, underscoring the unparalleled international interest in COP29.
Transaction volumes and regional impact
Financial transactions followed suit, with the total transaction value rising by 236% and the number of transactions increasing by 178%. Outside the capital, regions saw a 128% growth in transaction volume, showcasing the event’s widespread influence across the country.
Hospitality and food sectors thrive
The hospitality and food sectors stood out as major beneficiaries. Spending on accommodation and food soared by over 400%, driving economic benefits to key industries. Larger transactions also gained traction, with ticket sizes of $10 and $25 growing by over 200%.
Global tourism and spending trends
COP29 also bolstered Azerbaijan’s global tourism appeal. Spending by visitors from key markets—including Brazil, Germany, the US and the UK—skyrocketed. Visitors from Brazil – the host of COP30 – set a record with a staggering 7M% increase in spending on accommodation, while their British and American counterparts exhibited growth of 600% and 819% respectively in the same category.
The results demonstrate the role of COP29 as a catalyst of sustainable growth and a testament to Azerbaijan’s increasing prominence on the world stage. These achievements pave the way for long-term economic and environmental benefits, reaffirming the power of global collaboration.
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