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Azerbaijani economy grows by 1%

Business Materials 18 December 2018 11:25 (UTC +04:00)

Baku, Azerbaijan, Dec. 18

By Azad Hasanli – Trend:

Azerbaijan’s GDP volume reached almost 72.4 billion manats in January-November 2018 that is 1 percent more than in January-November 2017, Trend reports referring to a report of the State Statistics Committee.

The volume of GDP per capita stood at 7,378.5 manats.

In January-November 2018, the volume of GDP produced in the Azerbaijani non-oil sector increased by 1.3 percent compared to January-November 2017, while in the oil and gas sector there was an increase of 0.3 percent.

During the reporting period, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of transport and storage grew by 7.9 percent, accommodation of tourists and catering - by 7.6 percent, information and communication services - by 9.2 percent, agriculture, forestry and fisheries - by 4.6 percent, trade and repair of vehicles - 2.7 percent, industry - by 1.3 percent, other areas - by 0.7 percent.

The construction sector decreased by 14.9 percent.

Thus, 45.2 percent (almost 32.76 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 6.8 percent (4.9 billion manats) – for construction, 5.4 percent (3.9 billion manats) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 8 percent (almost 5.76 billion manats) of Azerbaijan’s GDP.

According to the report, 9.3 percent of the GDP (6.7 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.4 percent (4.58 billion manats) – for transport and storage, 2.3 percent (1.65 billion manats) – for accommodation of tourists and catering, 1.5 percent (1.1 billion manats) – for information and communication services, 15.1 percent (10.97 billion manats) – for other services.

(1.7 manats = 1 USD on Dec. 18)

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