BAKU, Azerbaijan, September 27. The European Bank for Reconstruction and Development (EBRD) forecasts that real gross domestic product (GDP) in Azerbaijan will grow by 1.5 percent this year compared to last year, Trend reports.
The data from the EBRD shows that real economic growth in Azerbaijan will be 2.5 percent next year.
The bank said that the economy of Eastern Europe and the Caucasus region, which includes Azerbaijan, will grow by 1.9 percent this year and by 3.1 percent next year.
Moreover, Azerbaijan's GDP grew by 0.8 percent from January through August 2023 year-on-year (up to 80 billion manat, which is $47 billion).
The data of the State Statistics Committee of Azerbaijan shows that in the reporting period of 2023, value added in the non-oil sector increased by 2.6 percent, and in the oil and gas sector, it decreased by 1.1 percent year-on-year.
In the GDP structure, the share of industry in the period amounted to 42.4 percent.
The data from the State Statistics Committee shows that 9.5 percent of the GDP structure came from trade and repair of vehicles, 6.2 percent from transport and warehousing, 4.8 percent from construction, 6.1 percent from agriculture, forestry, and fish farming, 2.4 percent from the tourism sector, and 1.6 percent from information and communication. 17.6 percent of GDP came from other sectors of the economy.
Net import tax revenues amounted to 9.4 percent of GDP during the period.
The GDP per capita in Azerbaijan amounted to 7,895 manat ($4,644) from January through August 2023.