Azerbaijan's GDP increases
BAKU, Azerbaijan, May 16
By Eldar Janashvili - Trend:
The past 2019 was remarkable for Azerbaijan for ensuring favorable foreign economic position amid further strengthening of macroeconomic stability, accelerating economic growth and fiscal stability, as well as expanding the export potential of the non-oil sector, Trend reports with reference to the Azerbaijani Ministry of Economy.
As a result of positive dynamics in the balance of payments and trade, as well as close coordination of monetary and fiscal policies in the country, the exchange rate of the national currency has been preserved. Gross domestic product (GDP) of Azerbaijan amounted to 81.7 billion manat ($48 billion) with real growth of 2.2 percent, and GDP per capita amounted to 8,247 manat ($4,851).
“In 2019, a real growth of 3.5 percent compared to 2018 was achieved in the non-oil sector of the country’s economy. In the structure of non-oil GDP, real growth of 7.3 percent was observed in agriculture, 6.4 percent - in tourism and 1 percent - in the transport sector. The diversification of the economy and the dynamic development of the non-oil sector were accelerated, which, in turn, led to a revival of various sectors of the economy as a whole. Increasing the competitiveness of the national economy, as well as accelerating integration into the global economy, created a positive basis for output and expansion of production,” said the ministry.
In 2019, the specific share (41.4 percent) of GDP was observed in the industrial sector, where amount of manufactured products equaled to 33.8 billion manat ($19.8 billion). Meanwhile, the share of agriculture, forestry and fishing amounted to 5.7 percent or 4.7 billion manat ($2.7 billion), construction sector - 5.9 billion manat ($3.4 billion) or 7.3 percent. In services, added value amounted to 36.9 percent of GDP, including repair services for trade and vehicles - 10 percent, transport and storage facilities – 6 percent, tourist accommodation and catering services - 2.4 percent, information and communication services - 1.8 percent.
(1 USD = 1.7 manat on May 16)
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