Azerbaijan Economy in 2012

Azerbaijan Economy in 2012

Azerbaijan oil production started to decline rapidly since 2010. In fact, dramatic fall in oil industry continues to hamper the country’s total growth in 2012.  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 % in the second half of 2012. Thanks to affected growth in non-oil sector, the country was able to keep growth track last year since State Statistics Committee announced GDP growth was 2.2 % in this period. Oil production, however, has still 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.

GDP increased by 2.2 % in 2012 according to State Statistics Committee. The committee reports that industry production decreased by 7.8 % in non-oil sector and 4,2 % in oil sector.

Download Full Report Here

 

Leave A Comment