Baku: Azerbaijan’s Prime Minister Ali Asadov highlighted the nation’s robust economic position during a plenary session of the Milli Majlis. Despite global uncertainties outlined in the World Economic Forum’s 2025 ‘Global Risk Report’, Azerbaijan has maintained stable macroeconomic indicators over the first 11 months of the year. The country benefits from a strong external balance, low public debt, and substantial sovereign wealth fund assets.
According to Azerbaijan State News Agency, Asadov reported a 1.6 percent growth in the country’s gross domestic product during the first 11 months, with a notable 3.2 percent increase in the non-oil and gas sector. However, the oil and gas sector experienced a 1.8 percent decline, attributed to a reduction in oil production for objective reasons.
Azerbaijan’s strategic foreign exchange reserves have seen significant growth, rising by $12.5 billion since the start of the year, reaching $83.5 billion. This amount, equivalent to 142 billion manats, surpasses the projected GDP for 2025. The reserves are currently 17 times greater than Azerbaijan’s external debt. Prime Minister Asadov also noted that global rating agencies Moody’s and Fitch have upgraded Azerbaijan’s credit rating, reflecting the country’s economic stability, fiscal discipline, and favorable investment climate.