The banking sector reported a net profit of 212.696 million lari ($72.1 million) compared with 113.368 million lari in January 2021.

In nominal terms, gross domestic product (GDP) was 6.983 billion drams ($13.9 billion), the State Statistics Committee said.

The moves, announced after a meeting of Russia’s Security Council and a rambling, impassioned address by Putin to Russians, were not the full-fledged invasion predicted by many in the West after weeks of deployment by Russian troops on Ukraine’s borders.

According to the Energy Ministry, electricity consumption will increase to 152.9 billion kWh by 2035, while the average annual growth in electricity consumption in 2021-2035 will increase by 2.7 percent.

IMF said that risks to the outlook remained tilted to the downside due to uncertainty regarding the pandemic and regional spillovers.

The field has been developed by Azerbaijan's state energy firm SOCAR and France's TotalEnergies (formerly known as TOTAL) since 2016.