Azerbaijani Prime Minister Ali Asadov, during a discussion of the report on the activities of the Cabinet of Ministers in 2023 in the Azerbaijani Parliament, highlighted the country's macroeconomic and financial stability AzVision.az reports.
He noted that during the reporting year, the country produced 123 billion manat ($72.3 billion) in gross domestic product (GDP). This represents a 1.1 percent increase in real terms compared to 2022. GDP per capita increased by 0.5 percent to 12,100 manat ($7,100).
While GDP in the oil and gas sector decreased by 1.7 percent in 2023 compared to 2022, the non-oil and gas sector of the economy grew by 3.7 percent. The non-oil and gas industry itself saw even stronger growth of 8 percent.
Asadov further reported that 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.
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 size of Azerbaijan's external public debt, which stood at $6.46 billion by the end of the year and amounted to 8.9 percent of GDP.
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