Production of building materials increased
The trend of improved post-crisis situation is observed in the production and sale of construction materials in Azerbaijan. The volume of production of almost all building materials in the country has grown.
According to the State Statistics Committee, in 2012, there was produced about 2 million tons of cement, which is 39% more than in 2011. Concrete plants supplied to construction sites 1.191 million tons of concrete. This is 8.6% more than in the previous year.
The volume of production of lime stone (378,200 tons) and brick (248,600 cubic meters) was higher than in 2011 by 2.9% and 1.6%. Also produced was 149,400 tons of gypsum plaster (+49%).
Note that, according to experts, unreported production of building materials is about 50%. This is especially noticeable in the production of sand, limestone, gravel, etc. - 08D-
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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