
Agricultural Production Increased 3.4%
In the first quarter of this year, the total agricultural product in Azerbaijan amounted to 629.3 million manat that in stable prices was by 3.4% more than in the same period last year, the State Statistics Committee said. The share of agriculture in GDP increased from 2.4% to 3%.
Livestock production increased 5.9% in January - March. The output amounted to about 110,000 tons of meat in live weight (+ 2.5%), 426.9 thousand tons of milk (+ 4.3%) and 390.1 million eggs (+ 5.1%).
As of April 1 of this year, cattle population exceeded 2.7 million head (+ 0.2%), sheep and goats - 8.7 million head (+1.6%).
Credit infusion has a positive impact on the performance of poultry farms. In the first quarter of this year they produced 16.6 thousand tons of meat in live weight (+ 5%) and 176.3 million eggs (+ 8.6%). ----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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