Largest increase in the production of computers and electronic equipment is in the first half of the year
The economic block of Turan news reported, with reference to the State Statistics Committee, that for July 1 in Azerbaijan, taking into account the participation of individuals, were produced industry goods worth 16.9 billion manats (+0, 3% compared to the same period last year.)
The largest increase in non-oil sector experienced was observed in production of computers and electronics (21%). In addition, according to official statistics, from the production of non-oil sector, the largest increase was observed in food, beverages, leather and leather products, footwear, paper and cardboard. Growth of production was notedin the printing industry, chemistry, construction, metallurgy equipment, vehicles and trailers, and other automotive equipment, furniture and other products. - 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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