In 2012, the transport of passengers by air transport suffered a loss of 33.2 million manats. And this was despite the increase in passenger traffic (+14.3%) and revenue (+24.1%).
Airlines in Azerbaijan, as opposed to foreign, do not publish financial reports and the media do not provide financial figures. The only source of information is the only State Committee on Statistics, which provides summary data on income and expenditure on passenger transport by air transport. In the State Statistics Committee they told Turan that in 2012 the income of the three airlines (Azerbaijan Airlines, Turan Air and Silk Way Business Aviation) amounted to 225.6 million manat. The costs for companies on the transport of passengers amounted to 258.8 million manat, increasing by 5.7%.
In 2012, Azerbaijan Airlines achieved a record number of passengers during the independence -1.6 million. The share of state-run AZAL accounted for 98.5% of traffic and possible loss. - 08B-
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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