In Azerbaijan, the unemployment rate fell to 5.1%
As of the 1st of April this year, the number of economically active population exceeds 4.7 million people. Given its busy section (4,459 thousand), unemployment in the country amounted to 5.15% of the economically active population.
According to official estimates, at the beginning of April 2013, in Azerbaijan there are 242.4 thousand unemployed, which is 5.5 thousand less than in the first quarter of 2012. A year earlier, the official unemployment rate in Azerbaijan on the methodology of the International Labor Organization was 5.3%.
On the 1st of March this year, the number of employed persons in Azerbaijan amounted to 1 470.8 thousand people, of which 677.4 thsd are employed in the private sector. It is noteworthy that statistical data on the number of self-employed workers do not coincide with the statements of state bodies on the legalization of more than 100 thousand concealed private sector jobs.
While there is no answer to the question, if in the past 12 months actually registered were labor relations with about 150 thousand workers employed, why this is not reflected in the statistical treatment of employers.
On April 1, the status of unemployed was recorded for 37.6 thsd people, about 10% of whom receive unemployment benefits. The average size of the unemployment benefit is 250 manat, with the average monthly salary in the country is about 400 manat. - 08B-
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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