Last year the population spent 25 billion 721.1 million manats (+10.9% to the year before) on purchases in retail.
According to the State Statistics Committee, half the cost (50.04% or 12 billion 871.2 million manats) accounted for food products (+ 10.1%), while non-food products were 12 billion 849.9 million manats (+ 12.8%).
Increased by 5.1% the volume of services provided - the aggregate amount equal to 7 billion 462.8 million manats, while 72.9% of all services (5 billion 440.6 million manats) were the share of legal entities. --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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