Residential construction falls by 10% (UPDATED)
2014 July 22 (Tuesday) 13:28:53
Since the beginning of the year 6142 flats were commissioned in Azerbaijan, 22% less than in the same period of 2013. The volume of housing construction this year amounted to 824.600 square meters. The area of housing construction reduced by 10%, the State Statistics Committee told Turan. With public funds were built 44.100 square meters of housing. Last year the state has 174.900 square meters of housing. It is basically flats for the displaced and disabled of the Karabakh war.
The pace of the individual building remains the same. In the first half of this year, the population built 780.500 square meters of housing, which is by 6.4% more than in the same period last year.
It is noteworthy that this year the State Commission has not accepted yet for operation a single high-rise building, built by private companies.
Investment in residential construction in the first half of this year amounted to 457.8 million manat. Funding declined by 0.9%. --08D---
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- Economics
- 25 July 2014 19:39
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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