
Industrial production fell by 3.3%
The decline in oil production, the primary type of industrial product of the country, also pulls the overall pace of industrial production in the country. During 11 months of this year the volume of industrial production in the country decreased by 3.3%.
The volume of production and services in the industrial sector during this period in 2012 was 31 billion manats. In the non-oil sector of the industry the growth was 7.4%, and the oil sector fell by 5.3%, the State Statistics Committee told Turan.
The mining industry remains a dominant position - 75.7% of industrial output workers produce oil and gas and mining industries. - 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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