Azerbaijan sees GDP growth in Jan.-July 2015
By Aynur Karimova
Azerbaijan has seen GDP growth in the first seven months of 2015.
The country's State Statistics Committee reported that the GDP amounted to 32.1 billion manats ($30.6 billion) in the reported period, a 5.6 percent increase from January-July 2014.
The non-oil sector of the economy jumped upwards of 9 percent compared to the same period of 2014. Its share in the country’s GDP hit 68 percent. The volume of value-added production in oil and gas extraction and processing hit 32 percent of GDP or by 1 percent more compared to the same period of 2014.
Some 54.6 percent of GDP was in the field of production during this period. The value-added share generated in industry made up 35 percent, construction was at 13.6 percent, while agriculture, forestry, and commercial fishing stood at 6 percent.
Some 37.3 percent of the gross output was created in the services sector.
Net taxes on products and imports amounted to 8.1 percent of Azerbaijan’s GDP.
The world’s financial institutions forecast Azerbaijan's economic growth at various levels. The International Monetary Fund expects a 0.6 percent economic growth in the country for 2015.
The Asian Development Bank expects that the GDP growth in Azerbaijan will be at 3 percent in 2015.
The European Bank for Reconstruction and Development kept the forecast of economic growth in Azerbaijan in 2015-2016 at 1.5 percent.
The World Bank forecasts that the real GDP growth for the country will be at 1.5 percent for 2015.
The official exchange rate was 1.0485 AZN/USD on August 13.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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