
By July 1, GDP Exceeded 26.3 Billion Manat
The State Statistics Committee published the figures on the gross domestic product of the country in the first half of 2015. According to official figures, nominal GDP from January to July amounted to 26.3 billion manats (+ 5.7% YTD).
The increase was done mainly by the non-oil sector (+ 9.2% with a specific weight of 66.9% of GDP). The remaining 33.1% was oil with growth by 1.3%.
In the structure of the "total pie" the largest share (37%) belonged to services, the share of the industry accounted for 36%, construction - 12.5%, taxes - 8.4%, and agriculture - 5.6%. --17D-
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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