Azerbaijan Experiences Rise In Remittances From Austria As Outflows Drop

Data obtained by Trend from the Central Bank of Azerbaijan indicates that this figure marks a $1.2 million or 17 percent decline compared to the same period in 2023.

The proportion of Austria's contribution to the aggregate remittance inflow within the specified timeframe was quantified at 1.1 percent.

In the interim, the financial inflows from Austria to Azerbaijan surged to $15 million, indicating a 6.7 percent or $941,000 uptick compared to the preceding fiscal year's metrics.

In the context of the macroeconomic landscape, Austria represented a mere 1.4 percent share of the aggregate remittances transmitted to Azerbaijan during the specified reporting period.

In the fiscal year 2023, the aggregate remittance outflow from individuals domiciled in Azerbaijan to the Austrian financial ecosystem was estimated at around $6.9 million, whereas the corresponding inflow from Austria to Azerbaijan reached a total of $14.1 million.

The aggregate quantum of remittances dispatched by individuals hailing from Azerbaijan to international jurisdictions in 2024 culminated at $526.8 million, signifying a contraction of $23.4 million or 4.2 percent relative to the preceding fiscal year of 2023.

Conversely, remittances from individuals in foreign countries to Azerbaijan amounted to $1.08 billion during the same period, a decrease of $571.9 million or 34.6 percent compared to the previous year.

To note, last year Austria's foreign direct investments (FDI) in Azerbaijan totaled $50.4 million, representing a significant increase of $23.9 million or nearly 1.9 times the amount invested in 2023. Austria's share in the total FDI volume in Azerbaijan for the reporting year was 0.7 percent.

On the other hand, Azerbaijan's investments in Austria grew substantially, reaching $49.3 million in 2024. This figure marked an impressive increase of $48 million, or 39.9 times the amount invested in 2023. Azerbaijani investments in Austria represented 2.8 percent of the total FDI volume.

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