Azerbaijan Economy in 2016; Brief Overview

Azerbaijan Economy in of 2016; Brief Overview

CESD- Center for Economic and Social Development concluded its macro-economic survey results for 2016. Both independent and official reports show that GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased 3.8 % in 2016 since CESD calculations found out 4.4 % decline in the economy. According to the State Statistic Committee reports, the main reason of economic slowdown was economic decline in the construction sector. 27.6 % decline in the construction sector has been reported in 2016. The committee has reported that 59, 98 billion manat ($ 37.49 billion US, with the official average rate for 2016) GDP was produced in the indicated period.

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