Azerbaijan Economy in the first eleven months of 2011

Azerbaijan Economy in the first eleven months of 2011

The State Statistic Committee reported that Gross Domestic Product  (GDP) increased 0,2 % in last eleven months of 2011 and reached to 45.5 billion manat ($ 58,3 billion). 54.9 % of value added produced in industry, 7.8 % – construction complex, 5.6% – agriculture, hunting and forestry, 5.2 % – transport, 7.9 % – trade and paid services, 1.7 % – communication, 11.0% – other fields.  GDP per capita was 5026.3 manat (6362.4 US dollars) that period according to the Committee. State Statistic Committee reported that oil GDP declined 9,1 % meanwhile non-oil GDP increased 9,5 %.

According to the CESD estimations, 41,5 billion AZN ($ 53,2 billion) GDP produced in 2010. Only 18,4 billion AZN ($ 23,5 billion) GDP generated in non-oil sector. According to the State Statistic Committee $57.9 billion GDP produced in last 11 months in 2011, taking into account that share of non-oil sector in GDP is 40 % and then total amount of non-oil GDP is not more than $ 23,2 billion. Consequently, $ 34,7 billion generated in oil sector. Considering that oil GDP fell 9,1 % and non-oil GDP increased 9.5 % in indicated period, logically and mathematically GDP growth cannot be achieved in that time. As a result, state report on GDP growth is very much doubtful

Download Full Report Here

 

Leave A Comment