European Union’s Projects Starts to Support State Statistics Committee
Today a conference was held in Baku, which launched the twinning project "Support to the State Statistical Committee in the harmonization of the national statistical system of Azerbaijan with the European standards."
Within two years, the European Union in the framework of the program will provide technical assistance to local governments in the amount of 1.2 million EUR for the unification of the national statistical system, the information of the EU Baku office says.
If the project implementation is successful, official statistics will meet the European standards in bringing the data on income and living conditions of the population to the public. --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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