Growth of Oil Sector’s GDP with Decline in Other Positions
By August 1, the volume of gross domestic product in Azerbaijan amounted to 32 billion 122.6 million manats (minus 3% from the same period last year).
According to State Statistics Committee, the share of non-oil sector accounted for 20 billion 820.1 million manats (minus 5.4%) and 64.82% to the total GDP. This figure reflects the savings on investment projects in comparison with January-July of the past financial cycle.
Against this background, the share of hydrocarbon production increased (+ 2%), amounting to 11 billion 302.5 million AZN. --17D-
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- Economics
- 23 August 2016 13:28
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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