Tourist services for a total of $ 1.2 billion provided to foreigners in Azerbaijan in January -June 2012. This is 20 percent more than in the corresponding period last year.
Of the total exports of tourism services 38.5 % were non-residents costs incurred by them in the course of business travel to Azerbaijan.
In turn, according to the balance of payments , the amount of tourism services provided to residents of Azerbaijan abroad , for the period increased by 14.7 % , reaching $ 1.4 billion, of which 62.1 % is spent in the private foreign travel for citizens . - 15B -
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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