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Azerbaijan's Chamber of Accounts discloses country's GDP in 9 months 2019

Oil&Gas Materials 12 November 2019 14:26
Azerbaijan's Chamber of Accounts discloses country's GDP in 9 months 2019

BAKU, Azerbaijan, Nov. 12

Trend:

From January through September 2019, the Azerbaijani economy grew by 2.5 percent, Trend reports referring to the conclusion of the Azerbaijani Chamber of Accounts on the draft law "On the state budget for 2020".

It was stated that the volume of GDP in the aforementioned period exceeded 5.8 billion manat ($3.4 billion) in nominal terms.

The volume of GDP per capita amounted to 5,910 manat ($3,476).

Despite the fact that in the first nine months of 2019, oil production decreased by 2.8 percent, the 29.3 percent increase in gas production provided the oil and gas sector with an increase of 1.1 percent.

According to the conclusion, in the first three months of the reported period, the oil and gas sector showed high growth rates and an increase of 4.6 percent was observed at the end of the first quarter. However, starting from April, a decline in oil production in the range of 3 percent led to a weakening in the growth dynamics.

The growth of the oil and gas sector, equal to 3.2 percent at the beginning of the reported period, fell to 1.1 percent at the end of the period. In the first quarter of the period, the oil and gas sector was ahead of the non-oil sector in terms of positive contribution to GDP growth.

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