Azerbaijan’s GDP saw a modest 1.1% increase last year, down from 4.6% in 2022. The oil and natural gas sectors declined by 1.7%, but other industries expanded by 3.7%. Separately, SOFAZ’s assets grew to USD 56.1 bln in December, contributing to an overall increase of nearly USD 7 bln in 2023. Consequently, total FX reserves reached USD 67.7 bln at the end of 2023, around 90% of the projected GDP for this year.