In the seven months of this year the Gross Domestic Product of Azerbaijan reached AZN 30.783 million, an increase of 1.6% (476.5 million manat) more than in the comparable period in 2011.
According to the State Statistics Committee, the level of non-oil GDP (49.3%) is almost close to the oil GDP. Production of non-oil sector GDP for the period grew by 10.5% to 15.2 billion manat. The volume of GDP in the oil sector declined 6%.
In the SCS they told Turan the proportion of spheres of production in GDP is 67.4%, including industry - 52.3%, construction sector - 9.6%, and agriculture - 5.5%. The share of net taxes on production and imports amounted to 6.1%.
GDP per capita in Azerbaijan for seven months in 2012 amounted to AZN 3,364.7 or $ 4,280.9. The GDP per capita increased over the period by 1.7%. - 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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