Baku/19.06.19/Turan: Over the five months of this year, gross domestic product was made in Azerbaijan for a total of 30.6 billion manat ($ 18 billion), which is 2.2% more than in the comparable period of 2018, the State Statistics Committee reports.
For the first time in many years, the share of taxes on goods produced in the country and imports reached 9.3%. For comparison, we note that for the same period last year, this figure was 7%. The share of industry in the structure of GDP over the five months of this year was 46%, trade - 9.9%, transport - 6.4%, construction - 5.9%, agriculture - 3.7%, etc.
The production of GDP per capita for five months amounted to 3,099 manat. --0--
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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