Azerbaijan sees boost in industrial sphere
By Nigar Abbasova
Gross Domestic Product (GDP) volume of Azerbaijan in January-May amounted to 21.5 billion manats ($14.2 billion). The figure is less by 4.2 percent as compared to the same period of 2015, the report of the State Statistics Committee said.
The main reason of economic contraction is the decrease in production volume and provision of services in the spheres of construction and transport.
Oil sector of the country has decreased by 7 percent as compared to the same period in 2015. The share of the industry in the GDP amounted to 64.2 percent.
Some 51.9 percent of the country’s GDP formation fell to a share of production sphere with 39.8 percent being in industrial sphere and 8.6 percent in the sphere of construction. The share of industrial sphere is about 8.57 billion manats ($ 5.66billion) while the rate of the sphere of construction is 1.85 billion manats ($ 1.22 million).
The spheres of agriculture, forestry and fish-farm accounts for approximately 3.5 percent of the country’s GDP which makes about 747.5 billion manats ($ 494.3 billion).
About 40.4 percent of the GDP accounts for the sphere of service rendering. Some 12.2 (2.6 billion manats ($ 1.7 billion)) percent of the GDP fell to a share of trade and repair process of the transport facilities. Approximately 6.6 percent (1.4 billion manats ($ 0.9 billion)) accounted for the sphere of warehousing and transport, while 3.2 percent (680.5 billion manats ($ 450.0 billion)) fell to a share of tourist accommodation and public catering. The share of information and communication services totaled to 2 percent which makes 425.3 billion manats ($ 281.2 billion)
Import and production taxes amounted to 7.7 percent of the country’s GDP.
Gross Domestic Product in Azerbaijan was at the level of $75.20 billion in 2014. The GDP value of the country represents 0.12 percent of the world economy. GDP in Azerbaijan averaged $ 23.16 billion from 1990 until 2014, reaching an all time high of $75.20 billion in 2014 and a bottom- low rate of $ 3.05 billion in 1995
The official exchange rate of the US dollar and euro to Azerbaijani manat was set at 1.5150 manats and 1.7082 manats respectively on June 16.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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