Payment Balance of Azerbaijan Scarce in Past Year
According to the statistics of the balance of payments, accounted by the Central Bank of Azerbaijan, last year predictions about its current account surplus ($ 500 million) did not come true. In contrast, to December 31, 2015 a deficit was recorded at the level of $ 222.5 million. Recall, according to the results of 2014 plus was at $ 10 billion 423.6 million.
As expected, the positive balance was in the implementation of hydrocarbons - $ 6 billion 548.9 million with a deficit in non-oil sectors of the economy in $ 6 billion 771.4 million.
The total volume of foreign trade turnover amounted to $ 25.4 billion with a surplus of $ 5.8 billion with a specific gravity of the CIS countries at 10.5%.
The export of crude oil was in the lead (90.4% of the total foreign trade turnover, or $ 12.8 billion) at a total figure of $ 15.6 billion.
The volume of imports amounted to $ 9.8 bn., including consumer goods that accounted for $ 3 billion. 850.8 million. --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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