The price of oil falls and the public investment reduces. Investment in construction has also reduced, which led to the economic downturn. This was recognized by Ilham Aliyev at a meeting of the Cabinet.
However, the industry is growing, though at only 0.2%. The growth of non-oil sector was at 3.6%, and in the agriculture the growth was at 2.4%, he said.
Twenty-nine schools were built and 485 schools were repaired. Thirty-three health facilities were built, too. Under construction are roads and water supply and infrastructure projects. A total of 121,000 jobs were opened.
During the first 9 months 36,000 jobs were closed. This is a very good result for a crisis year, Aliyev said.
The Southern Gas Corridor is being implemented and Azerbaijan is turning into a very important transport corridor, Aliyev said. -02D-
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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