Population Spends More on Consumption
Trade outlets earned 2 billion 243.2 million manats from retail trade of consumer goods in January (+ 4.6% compared to January of last year).
According to the State Statistics Committee, for the purchase of food products, beverages and tobacco, the population spent 1 billion 124.8 million manats (50.14%), and for non-food products 1 billion 118.4 million manats was spent.
Non-food items included 16.7% of textiles, clothing and footwear, 6.6% of electric appliances and furniture, 5.9% of motor fuel, 1.4% of pharmaceuticals and medical products, 0.8% of computers and telecommunications equipment and others, and 18.5% - of other non-food items. --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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