Oil GDP decreased by 3.4 % in Azerbaijan

Oil GDP decreased by 3.4 % in Azerbaijan

Total GDP increased by 2.2 % thanks to non-oil growth

Growth Domestic Production (GDP) reached 53.7 billion manat ($ 68.9 billion US) in the first eleven months of 2014 in Azerbaijan- State Statistics Committee reports. GDP increased by 2.2% compared to the same period of previous year. GDP per capita was 5710.7 manat ( 7 281.3 US dollars) in the indicated period.

Non-oil sector increased by 6.5% compared to the corresponding period of previous year, its share in GDP increased from 56.9% in previous year to 59.8%. However, oil-gas GDP declined by 3.4% compared to the corresponding period of last year.

60.2 of GDP was produced in production area, as well as, 42.6% in industry, 12.5% in construction, 5.1% in agriculture, forestry and fishing and 32.5% of it was share of service fields. 24.3% of value added production in services fields was provided by trade and maintenance of transport means, 14.9% by transport and warehouse, 6.5% by accommodation of tourists and catering services, 5.5% by information and communication services, 48.8% by social and other service fields rendering services to economic entities. Net of tax to the product and import was formed 7.3% of GDP.

In the indicated period, total industrial output was 29.8 billion manat ($ 38,2 billion US) in Azerbaijan. 38.4 million tons oil and 17.0 milliard cubic metre marketable gas and other products were produced in mining sector with 70.4% industry product. Volume of production in non-oil sector of industry increased by 6.6% compared to January-November of previous year, it was decreased by 3.0% in oil-gas sector. 92.7% of total industry production was share of goods (commodities), 7.3% industrial services, 80.1% of products were produced in private sector.

© CESD, 2014

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