Within two months of this year, gross domestic product in Azerbaijan amounted to 8.5 billion manat, which is 1.6 % more than in the comparable period of 2013. The production of oil and gas GDP for the period decreased by 5.7%.
According to the State Statistics Committee, the GDP growth of non-oil sector amounted to 8.8% YTD . The share of non-oil sector in the GDP reached 53.9 %.
GDP growth has been achieved due to increased production in the service sector by 6.8 %. The share of the services ( 2682 bn) in GDP is 31.7 %.
In January-February 2014 as a result of lower production volumes of oil GDP extractive industry decreased by 5.5 %. In general, for the period indicated, the share of the mining industry in GDP was 42.6 %.
GDP per capita for two months totaled 903.5 manat or $ 1,191.9. -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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