Azerbaijan's Domestic Debt Surges in First Half of 2024 Amidst Economic Strategy Shifts
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- Politics
- 27 August 2024 15:30
Economics
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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.
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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.
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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.
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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.
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