Azerbaijan Economy in the first quarter of 2012

Azerbaijan Economy in the first quarter of 2012

Decline wave in production sector keep on the first quarter of 2012 in spite of the fact that Government of Azerbaijan has been trying to attain expansion in above mentioned sector.  Considering keeping still high portion of oil sector in total GDP, decline in oil sector noticeably reduce economic growth rate in Azerbaijan. Oil sector is still dominant in both GDP and budget revenues based on the results of the first quarter of 2012. In fact, one-sided development of the economy has begun to show its negative symptoms. As a result, the country’s economic growth rate both in the first quarter of 2012 and in 2011, for the first time, decreased to its lowest level since 1996. The main cause of this was the decrease in the oil sector by 5.8%. In this respect, even the 7,7% growth in the non-oil sector in the first quarter of 2012 could not counteract this negative impact on economic growth. Fall in the oil sector has also had a negative impact on the whole industry and a 0,3% decrease has already been noticed in this field…Download Full Report Here

 

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