Agricultural Output Grew by 4.3%
Within two months of this year, the volume of agricultural production in Azerbaijan made AZN 360 million, which is 4.3% more than in the same period of 2012.
According to the State Statistics Committee, in January-February this year it was produced and sold 69.3 thousand tons of meat in live weight (2.4%), milk - 255.8 thousand tons (4.8%), eggs - 214.6 million (+18.5%). The volume of production of vegetables (3,358 tons) from the beginning of the year increased 12%.
Over the past five years the government of Azerbaijan allocated into the development of agricultural production several hundred million manat in the form of soft loans and direct subsidies. However, experts argue that the potential of the sector can increase the production of crop and livestock production in at least two times. - 08D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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