No.
To the extent to which States now carry on economic activities at both international and national level, the principle of the absolute immunity of States from jurisdiction was abandoned some time ago.
Today, immunity from jurisdiction is granted to a State only for acts done in its capacity of a public authority or in the interests of a public service and not for those done in the manner and in accordance with the rules of private law, that is in the same way as a private person could have done it.
Acts not covered by immunity are often classified as acts of commerce.