State Statistics Committee of Building Materials
With the reduction in the real estate market, including property, the State Statistics Committee published the phenomenal growth in production of building materials (+ 19.4% by July 1 of the previous year). In absolute terms, it is 234.7 million manats. According to experts, this volume has no relation to the real economy, and is aimed at the realization of investment projects financed, as a rule, from the state budget.
This is confirmed by figures: The most rapid growth was shown by the producers of processed marble, travertine and alabaster and articles thereof (3.5 times) - 6,179 tons and asphalt (+ 31.2%) – 196,500 tons, with an inconspicuous growth (0.6%) in cement - 1 million 393.4 thousand tons. Production of gypsum increased 1.3% to 92.2 thousand tons.
For some items, even according to official statistics there is decline: concrete structures were produced in 8.4 thousand cubic meters (minus 47.2%), ready-mixed concrete - 521.3 thousand tons (minus 28.5%), and building bricks - 122 thousand cubic meters (minus 5.5%). --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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