Azerbaijan’s oil sector grows by almost 1%

Business Materials 18 October 2016 11:30 (UTC +04:00)

Baku, Azerbaijan, Oct. 18

By Anvar Mammadov – Trend:

The volume of Azerbaijan’s GDP was almost 43.44 billion manats (1.5969 AZN/USD on Oct. 18) in January-September 2016 that is by 3.9 percent less than in the same period of 2015, according to the country’s State Statistics Committee.

The report says that the main reason of Azerbaijani economy’s decrease is the decline in the volumes of production and services in the construction sector by 32 percent.

During the nine months of 2016, Azerbaijan’s non-oil sector decreased by 6.1 percent and its share in the country’s GDP was 65.7 percent, compared to January-September 2015. The volume of value-added production in the field of oil and gas production and refining was 34.3 percent of the GDP; however, there was a growth by 0.9 percent compared to January-September 2015.

During the period, 53.3 percent of Azerbaijan’s GDP was formed in the production sphere, 37.7 percent of which (16.38 billion manats) accounted for industry, 9.7 percent (4.2 billion manats) – for construction, 5.9 percent (2.57 billion manats) – for agriculture, forestry and fishery.

Net taxes on production and imports accounted for 7.5 percent of Azerbaijan’s GDP.

According to the report, 39.2 percent of the GDP was formed by the services sector, 11.3 percent of the GDP (4.89 billion manats) produced in the service sector accounted for the trade and repair of vehicles, 6.8 percent (2.97 billion manats) – transport and warehousing, 1.8 percent (1, 14 billion manats) – tourist accommodation and catering sphere, 1.8 percent (773.1 million manats) – information and communication services, 16.7 percent (7.24 billion manats) – other services.

Compared to January-September 2015, the volume of value-added production in Azerbaijan’s industrial sphere increased by 1 percent during the nine months of 2016, trade and repair of vehicles – by 2.3 percent, tourist accommodation and catering – by 1.8 percent, information and communication services – by 5.5 percent, agriculture, forestry and fishery – by 2.4 percent.