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Specific weight of service sphere in Azerbaijan’s GDP to increase to 40 per cent by 2018

Business Materials 26 October 2013 13:20 (UTC +04:00)
The specific weight of the service sphere in Azerbaijan’s GDP will increase from 29.5 per cent in 2012 to 32.3 per cent in 2013, 33.4 per cent in 2014, 37.7 per cent in 2015, 39 per cent in 2016, 39.3 per cent in 2017.

Azerbaijan, Baku, October 26/Trend, A.Akhundov/

The specific weight of the service sphere in Azerbaijan's GDP will increase from 29.5 per cent in 2012 to 32.3 per cent in 2013, 33.4 per cent in 2014, 37.7 per cent in 2015, 39 per cent in 2016, 39.3 per cent in 2017. The forecast of the Azerbaijani government is reflected in the draft concept of the country's socio-economic development for 2014 and the next three years.

According to the document, the growth in the volume of gross value added in the sector is expected at the level of 7.9 and 7.4 per cent in 2013 and in 2014, respectively (in 2011 this figure rose by 6.6 per cent, and in 2012 - by 7.6 per cent). In 2015, the real growth of this figure is expected to be nine per cent, in 2016 - 7.8 per cent, while in 2017 this figure will increase by 8.1 per cent.

GDP produced in the industry is expected to hit 17.67 billion manat (14.23 million manat in 2011, 15.94 billion manat in 2012,) in 2013, 19.55 billion manat in 2014, 22.41 billion manat in 2015, 24.6 billion manat in 2016 and 26.49 billion manat in 2017.

Forecasts for changing of the specific weight of different types of services in GDP are reflected in the following table:

Specific weight in GDP in 2011 (per cent)

Specific weight in GDP in 2012 (per cent)

Specific weight in GDP in 2013 (per cent)

Specific weight in GDP in 2014 (per cent)

Specific weight in GDP in 2015 (per cent)

Specific weight in GDP in 2016 (per cent)

Specific weight in GDP in 2017 (per cent)

Trade and repair of vehicles

6.3

6.7

7.5

8.0

9.2

9.9

10.4

Tourist accommodation and catering

1.5

1.8

2.2

2.5

3.4

4.0

4.6

Transport and warehousing

5.1

5.4

5.9

5.9

6.4

6.5

6.8

Information and communication

1.6

1.7

1.9

1.9

2.0

2.0

2.1

GDP in social and other spheres

12.9

13.8

14.9

15.1

16.8

16.6

15.4

The official exchange rate on October 26 is 0.7844 AZN/USD.

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