Decline Expected in the Oil and Gas Sector
The level of industrial production in the year 20015 will drop by 0.9% - up to 22 343 600 000 AZN, predicts the government in the materials on the revenue side of the state budget. The main level of the backlog will be observed in the oil and gas sector (2.1%). In the non-oil sector, the volume of industrial production in the next year will increase by 7.6% due to investment.
As can be seen from the materials of the state budget for 2014, it is assumed even greater backlog - the volume of industrial production is expected to reach 24 988 800 000 manat (minus 1.7% compared to last year). Lag in the oil and gas sector will be at 2.7%. --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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