Azerbaijan Economy in the First Ten Months of 2012

Azerbaijan  Economy in the First Ten Months of 2012

Volume of industrial production was AZN 28.5 billion ($ 36,5 billion) in the first 10 months of 2012 as State Statistic Committee reported. Industrial production decreased by 3,9 % in reporting period compare with the same period of 2011. It was the main reason that Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 % GDP growth in 2012 to 2.5 % right Hence, it seems very hard to achieve economic growth forecast for 2012.  It shows also that oil production has also had a profound effect on Azerbaijan’s domestic sector. One way to characterize its impact is by looking at the rents produced by oil – that is, the returns in excess of production costs – in the Azerbaijan economy.

The committee reported that 6.8% increasing was observed in non-oil sector and 5.9% decreasing was registered in oil sector. 44.2 billion manat ($ 56,7 billion) GDP produced in the first 10 months of 2012. GDP Growth was only 1.0 % compared to the same period in previous year. GDP per capita was 4823.7 manat ( $ 6138.6) without PPP. GDP per capita with PPP was $ 10,5 thousand.

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