In the two months of this year Azerbaijan’s Gross Domestic Product amounted to 7 billion 888.7 million manat, which is 3.2% less than in the comparable period of 2015. This is despite the fact that the national currency has depreciated over the period to against the US dollar in more than two times.
A source in the State Statistics Committee noted that the main reason for reducing the level of GDP was falling transport volumes and investments in the construction sector.
The rate of reduction of the GDP production in the non-oil sector (-5.5%) is even higher than the overall rate of production of GDP. The share of its production in the GDP structure was 66.7%. In the oil sector a slight increase (1.1%) was recorded.
Manufacturing GDP per capita was 882.3 manat (-4.3%). In dollar terms, the figure was only $ 521.4. -------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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