Has GDP Increased in Azerbaijan?

Has GDP Increased in Azerbaijan?

Gross Domestic Product (GDP) was 7.1 billion manat in the first 2 months of 2015. According to the State Statistics Committee of Azerbaijan, GDP increased by 4.2% compared to the same period of previous year. However, the committee have not reported how GDP growth was calculated. The point is that GDP was 8.5 billion manat in the first 2 months of 2014 (Fore reference see, the committee’s 2014 report: http://www.stat.gov.az/rss/az/view.php?newsid=2194 ). Comparison of GDP of the first 2 months of 2015 with the same period in previous year (7.1 billion manat / 8.5 billion manat x 100 %) GDP declined by 16.5 % in the indicated period.

Considering that the inflation rate in January-February, 2015 was higher than the same period of 2014, then real GDP growth is unlikely realistic in the period. In the meantime, the committee reports that inflation rate was 4.0 % in February 2015 since it was only 1.5 % in the same month in 2014.

Conversely, the State Statistics Committee reports that in January 2015 Azerbaijan’s GDP was only 3.631 billion manat.

According to the committee, 66.6% of GDP was produced in non-oil-gas sectors and increased by 5.1% compared to the same period of previous year. During this period 36.3% of GDP was produced in industry, 12.0% in services on trade and maintenance of transport means, 10.4% in construction, 6.7% in transport and warehouse, 3.5% in accommodation of tourists and catering services, 3.4% in agriculture, forestry and fishing, 2.4% in information and communication services, 14.9% in social and other service fields. Net of tax to the product and import was formed 10.4% of GDP.

January-February, 2015 products in amount of 3.7 milliard manat were produced by industry entities of the country and 2.3% growth was registered. 6.9 million tons oil and 3.4 milliard cubic meter marketable gas and other products were produced in mining sector with 59.9% industry product.

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