Azerbaijani economy grows 0.2%

  16 August 2018    Read: 1177
Azerbaijani economy grows 0.2%

Azerbaijan’s GDP volume reached almost 43.48 billion manats in January-July 2018 that is 0.2 percent more than in January-July 2017, according to a report of the State Statistics Committee.

The volume of GDP per capita stood at 4,436.3 manats.

In January-July 2018, the volume of GDP produced in the non-oil sector of Azerbaijan increased by 0.9 percent compared to January-July 2017, while in the oil and gas sector there was a decrease of 0.8 percent.

During the reporting period, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of agriculture, forestry and fisheries grew by 6.5 percent, accommodation of tourists and catering by 7.4 percent, transport and storage – 8.2 percent, information and communication services – 7.1 percent, trade and repair of vehicles - 2.6 percent, industry – 0.6 percent, other areas - 0.2 percent.

The construction sector decreased by 17.9 percent.

Thus, 46.9 percent (almost 20.41 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 6.4 percent (2.78 billion manats) – for construction, 5.4 percent (2.34 billion manats) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 8 percent of Azerbaijan’s GDP.

According to the report, 9.6 percent of the GDP (4.19 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.4 percent (2.8 billion manats) – for transport and warehousing, 2.5 percent (1.09 billion manats) – for accommodation of tourists and catering, 1.6 percent (675.6 million manats) – for information and communication services, 13.2 percent (5.73 billion manats) – for other services.

(1.7 manats = $1 on Aug. 16)

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