Another big decline in GDP

Another big decline in GDP

Azerbaijani GDP declined by 3.9 % in the first nine months of 2016. According to the State Statistics Committee of Azerbaijan, GDP made 43.436 billion manat ($ 22.861 billion US) in the indicated period. GDP per capita for the first nine months of 2016 was 4. 512 thousand manat ($ 2.837 thousand US).

The State Committee has reported that 65.7% of GDP was formed in non-oil sectors, 34.3% in oil and gas sector. The value added rose 5.5% in information and communication sector, 2.4% in forestry, agriculture and fishery, 2.3% in trade, repair of transport facilities, 1.8% in tourism accommodation and catering, 1% in industry, declined 32% in construction, 1.2% in transport and storehouse, 2.5% in other spheres of economy. Decrease in production of construction caused 3.9% decline of GDP compared to a year earlier.

Meanwhile, CESD survey and calculations found 4.3 % GDP decline in the indicated period. According to the CESD experts, the main reason of sharp declining of GDP was slowdown in the certain sectors mainly in the construction sector. Decline in constructions sector was more than 30.0 % in the last couple of months due to falling of demand. CESD expects that economic slowdown will continue in remaining months of 2016 due to low crude oil prices in the world market.

© CESD, 2016

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