MPs ready to approve the report on last year"s government economic development
By evening, March 14 Parliamentary Report of the Government of Azerbaijan on last year's socio -economic development will be approved. This is evidenced by speeches of deputies. All of them, with few exceptions, are satisfied with the performance of the Cabinet of Arthur Rasizadeh.
Prime Minister, speaking at the Parliament, in fact, repeated January theses president on domestic success and strengthening the international image of the state. According to the statistical detection, gross domestic product reached 57.7 billion manat ( 5.8% more than the year before) or 6207.3 manat ( $ 7,912.5 ) per capita. Diversification of the economy, in his opinion, has reached unprecedented rates - the growth of non-oil sector of the economy was 9.8 % in value added produced 32.6 billion manat.
Foreign trade turnover amounted to $ 34 billion 687 million (+3.35 %) with a surplus of $ 13.27 billion. Most of the export was 2,111 products - $ 23 billion 975 million, and the import of 6,159 products accounted for $ 10 billion 712 million (+10.95 % per year). Largest trading partners in recent years, according to tradition, were Italy, Indonesia, and Russia.
Cumulative investment since 2003 is 127.5 billion manats ($ 155.6 billion) - the Prime Minister said. At the beginning of this year, the number of able-bodied population in Azerbaijan - 4,757,800, of which only 236,600 are not engaged in any field of economics. By January 1, 2014 nominal income amounted to 37.6 billion manat (6.65 per year), with an average salary of 423 manat (+ 8 % per year) . Income per capita by the end of last year was 4,039.6 manat. - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review