The number of accounts insured in SSPF increased by almost 204,000 manat over the year
Individual accounts of social insurance in Azerbaijan by January 1, had 3.180.154 (+ 6.84% per year.) Today’s press release from the State Social Protection Fund (SSPF) reads that over the year the increase in absolute terms amounted to 203,836 units.
Most insured (59.2%, or 1,882,800 people) - men, 1.297.354 - women. More than a quarter (25.08%) of the insured in the fund - working between the ages of 30 to 40 years, 21.15% - at the age of 30, 21.14% - aged 50 to 60 years, 20.43% - aged 40 to 50 years, 12.2% - over the age of 60 years. Social Security Government passed to an individual account on January 1, 2006 in accordance with the law "On labor pensions". --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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