Azerbaijan's Domestic Debt Surges in First Half of 2024 Amidst Economic Strategy Shifts

Azerbaijan's foreign debt has decreased, while its domestic debt has increased. As of July 1, 2024, the foreign debt stood at 5.3613 billion USD. This marks a decrease of 1.0999 billion USD, or 17%, compared to the beginning of the year.

The Federation of Chambers of Commerce of the Gulf Cooperation Council (GCC) will organize the second Economic Forum "Gulf-Azerbaijan" in Baku on September 25-26, aiming to strengthen trade relations between the Gulf countries and Azerbaijan.

For the first time since the onset of Russia's full-scale war against Ukraine, Russian President Vladimir Putin has made an official state visit to Baku, underscoring a renewed focus on strengthening economic ties. The visit, marking a significant diplomatic engagement, primarily focused on expanding cooperation in the energy sector, as noted by economist Gubad Ibadoglu.

Azerbaijan's GDP per capita sharply increased by 14.2% in the first half of 2024, reaching $4,068, according to the country's latest economic data. This surge occurred against the backdrop of steady nominal GDP growth, which reached 70.544 billion manats (approximately $41.5 billion) from January to June 2024. As of July 2024, Azerbaijan's population stood at 10.2 million, providing additional context for the per capita growth figures.