Azerbaijan's non-oil economy increases by more than 5%

Business Materials 17 March 2015 16:29 (UTC +04:00)

Baku, Azerbaijan, Mar. 17

By Azad Hasanli - Trend:

A total volume of Azerbaijan's GDP amounted to 7.1 billion AZN in January-February 2015 or by 4.2 percent more than in the same period of 2014, the Azerbaijani State Statistics Committee's report as of January-February 2015 said.

The nominal GDP dropped by 16.1 percent.

Some 50.1 percent was formed in the field of production during this period. The value added share generated in industry makes up 36.3 percent (2.6 billion manat), construction was 10.4 percent (741.4 million manat), agriculture, forestry and fishery was 3.4 percent (236.6 million manat). Some 39.55 percent of the gross output was created in the sector of services.

Net taxes on products and imports amounted to 10.4 percent of Azerbaijan's GDP.

Around 12 percent of GDP in the sector of services accounted for the trade and repair of vehicles, 6.7 percent - transport and warehousing, 3.5 percent - tourist accommodation and catering sphere, 2.4 percent - the information and communication services, 14.9 percent - social and other services.

The non-oil sector of the economy increased by 5.1 percent compared to the same period of 2014. Its share in the country's GDP hit 66.6 percent. The volume of value added production in the oil and gas extraction and processing hit 33.4 percent of GDP.

The volume of value added production in Azerbaijan`s construction sector increased by 8.3 percent, tourist accommodation and catering - 14.3 percent, information and communication services - 10 percent, trade and repair of vehicles - 8.5 percent, transport and warehousing - 4.9 percent, social and other services - 1 percent, agriculture, forestry and fishery - 0.9 percent in January-February 2015 compared to the same period of 2014.

The official exchange rate is 1.0487 AZN/USD on March 17.


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