Macroeconomic And Financial Stability Ensured In Azerbaijan - Azerbaijani PM


(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 15. Macroeconomic and financial stability have been ensured in the country, Azerbaijan's Prime Minister Ali Asadov said during the discussion of the report on the activities of the Cabinet of Ministers in 2023 in the Azerbaijani Parliament, Trend reports.

He noted that during the reporting year, the country produced 123 billion manat ($72.3 billion) in gross domestic product (GDP), or 1.1 percent more in real terms than in 2022.

"GDP per capita increased by 0.5 percent to 12,100 manat ($7,100). GDP in the oil and gas sector decreased by 1.7 percent in 2023 compared to 2022, while GDP in the non-oil and gas sector of the economy grew by 3.7 percent. The non-oil and gas industry grew by 8 percent. Our foreign trade reached nearly $45 billion in 2023, with a trade surplus of $10.3 billion. Non-oil exports grew by 9.8 percent to over $3.3 billion. Strategic foreign exchange reserves grew by 17 percent, or $10 billion, to $68.5 billion in 2023 (representing 95 percent of GDP). This is more than 10 times the external public debt. The volume of external public debt decreased by 3.5 percent to $6.46 billion by the end of 2023 and amounted to 8.9 percent of GDP," Asadov said.

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