From January to April this year, consumer price inflation in Azerbaijan made up 1.9%. In the first quarter, annual inflation was 2%, the State Statistics Committee.
Within four months of this year, non-food products in the country rose by an average 3.6%, while food prices rose 1.9%. More moderate were actions of providers: service prices on annual basis rose by only 0.3%.
This year, the government forecasts economic growth at about 5%. At the same time it promises average strip price growth will not exceed 3.5%.
In the years 2006-2012 consumer inflation exceeded 80%. - 08D-
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- Political Monitoring
- 10 May 2014 13:06
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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