According to the updated forecasts of WB, Azerbaijan’s foreign debt to constitute 30.2% of GDP till the end of the year.
According to the Azerbaijani government, by early this year the country’s foreign debt constituted 19.8% of GDP. Last year this index was slightly over 8%.
According to the WB’s analysts, the country’s debts will keep on growing in mid-term.
In 2017 Azerbaijan’s debt to make 35.6% of GDP and by 2018 – 54.7% of GDP.—0--
Economics
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In 2024, Azerbaijan witnessed significant growth among rapidly expanding enterprises, particularly in the booming non-oil sector. As the government prioritizes economic diversification, companies in industries such as mining, logistics, agriculture, and manufacturing have emerged as key drivers of economic progress.
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Azerbaijan’s State Oil Fund (SOFAZ) reported a 10.7% decline in revenues from the Azeri-Chirag-Gunashli (ACG) oil field block in 2024, amounting to $740.7 million less than the previous year. Total earnings from ACG from the start of 2024 until January 1 stood at $6.16 billion, down from $6.89 billion over the same period in 2023, according to SOFAZ.
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The Azerbaijan Land Transport Agency (AYNA) has reduced the average age of taxis from 15 to 7 years in 2024 as part of comprehensive transport reforms aimed at enhancing safety, sustainability, and service quality.
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Azerbaijan's State Special Communication and Information Security Service (SSCISS) has reported vulnerabilities in the security systems of 857 information resources across state institutions in 2024, marking a 23% increase compared to 2023, according to official data released this week.
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