Oil sector of Azerbaijani economy increases

Business Materials 14 July 2016 17:23 (UTC +04:00)

Baku, Azerbaijan, July 14
By Anvar Mammadov - Trend:

A total volume of Azerbaijan's GDP amounted to 27 billion manat in January-June 2016 or by 3.4 percent less than in the same period of 2015, the Azerbaijani State Statistics Committee's report said July 14.

The official exchange rate is 1.5576 AZN/USD July 14.

"The GDP mainly decreased because the volumes of production of goods and services in the construction sector decreased by 33.6 percent," the report says.

According to the report, some 38.5 percent was formed in the field of production during this period.

The value added share generated in trade and vehicle repair reached 11.8 percent, construction - 9.1 percent, transport and warehousing - 6.8 percent, agriculture, forestry and fishery - 5.1 percent, tourist accommodation and catering - 2.8 percent, information and communication - 2 percent, other spheres - 16 percent, the report said.

According to the report, the Azerbaijani economy's non-oil sector decreased by 6.1 percent in January-June 2016 compared to January-June 2015 and its share in the country's GDP was 65.2 percent.

The volume of value added production in the oil and gas extraction and processing reached 34.8 percent of GDP. Some 2.1 percent growth was observed in this area for the year, the report said.

Net taxes on products and imports amounted to 7.6 percent of Azerbaijan's GDP. Some 2 809,7 manat accounted for GDP per capita, the report said.

During this period, the value added production volume in information and communication services increased by 13.7 percent, tourist accommodation and catering – 3.3 percent, agriculture, forestry and fishery - 3.1 percent, processing industry – 2.5 percent, mining industry – 2.3 percent, trade and repair of vehicles – 1.9 percent, the report said.
Follow the author on Twitter: @Anvar_Mammadov