The State Statistics Committee has published data on the gross domestic product over the past three quarters. As of October 1, the volume of GDP totaled 40.7 billion manats (+ 3.7% compared to the same period last year).
The share of services amounted to 38.3%, industry - 34.2%, construction - 13.5%, agriculture - 6.5% and net taxes on products and imports – 7.5%. The rate of growth in the non-oil sector was at 6.4%, while the oil sector lagged - 0.1%.
At the same time, by 1 October the non-oil sector accounted for 68.8% of GDP (essentially due to costly infrastructure projects on budget transfers from SOFAZ and private foreign investment inflows). --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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