During 7 months, 2016 GDP of the country dropped by 3%, according to the Azerbaijan State Statistical Committee.
During this period GDP totaled 32,122,600,000 AZN ($19.95 billion at the current rate of the Central Bank of Azerbaijan (CBA).
From January to July 2016 the volume of non-oil GDP totaled 20,820,100,000 AZN, dropped by 5.4%.
From January to July 2016 oil industry had a 2% growth. According to the Committee, during this period Azerbaijan GDP dropped, because of decline of manufacture and construction services by 30.7%.
From January to July 2016 GDP per capita totaled 3,340 AZN (dropped by 4.1%).
In 2016 the Azerbaijani government forecasts GDP growth at 1.8%.
In 2015 Azerbaijan GDP increased only by 1.1% (index of 1996).—0—
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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