In Azerbaijan, Official Youth Unemployment Rate Is 9.7%
In Azerbaijan, the youth unemployment rate is 9.7%, the Minister of Labor and Social Protection of Population Salim Muslimov said today during a meeting with the deputy head of the UN Development Programme, Regional Director for Europe and CIS Bureau Cihan Sultanoglu.
He optimistically described the figure - the country, according to UN estimates, is among the top ten leading countries in this sector, and in creating jobs it focuses on the non-oil sector. “In the first half of the year 90,000 jobs were created, of which 78,000 are on a regular basis,” the Minister added.
According to Turan, the unemployment rate is much higher, as for many able-bodied villagers, and that is about 40% of the workers, land plots devoid of infrastructure and located a long way from their places of residence are fixed. According to the Committee, the owners of those plots are considered employed, but in fact they do not have earnings. --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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