Azerbaijani economy grows 0.8%

  16 October 2018    Read: 1013
Azerbaijani economy grows 0.8%

Azerbaijan’s GDP volume reached almost 57.76 billion manats in January-September 2018 that is 0.8 percent more than in January-September 2017, according to a report of the State Statistics Committee.

The volume of GDP per capita stood at 5,889.2 manats.

In January-August 2018, the volume of GDP produced in the non-oil sector of Azerbaijan increased by 1 percent compared to January-September 2017, while in the oil and gas sector there was an increase of 0.5 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 7.7 percent, accommodation of tourists and catering - by 7.6 percent, information and communication services - by 7.7 percent, agriculture, forestry and fisheries - by 4.3 percent, trade and repair of vehicles - 2.7 percent, industry - by 1.6 percent, other areas - by 0.4 percent.

The construction sector decreased by 15.9 percent.

Thus, 45.94 percent (almost 26.53 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 6.3 percent (3.6 billion manats) – for construction, 5.7 percent (3.3 billion manats) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.9 percent (almost 4.6 billion manats) of Azerbaijan’s GDP.

According to the report, 9.5 percent of the GDP (5.5 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.4 percent (3.7 billion manats) – for transport and storage, 2.5 percent (1.4 billion manats) – for accommodation of tourists and catering, 1.6 percent (895.7 million manats) – for information and communication services, 14.4 percent (8.3 billion manats) – for other services.

The official exchange rate on October 16 is 1.7 AZN / USD.

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