Gross Domestic Product in Azerbaijan over the four months of this year amounted to 17.2 billion manat. The country's economy, compared to the same period in 2012 increased by 3.8% (650 million manat), the State Statistics Committee (SSC) told Turan.
GDP growth was achieved against a backdrop of recession-oil sector at 2.3%. According to the estimates of SSC in the non-oil sector recorded a growth rate of 10.9%. Thus, the share of non-oil sector in GDP reached 51.5%.
Industry accounts for 8.9 billion manat (52.3%) of GDP. The share of agriculture in the "basket" of GDP in the first quarter was 2.5%.
Manufacturing value added per capita in January to April increased by 2.5% and amounted to 1,861.9 manat or $ 2,372.8. - 08D-
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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