By Mirsaid Ibrahimzade
Increasing capacity of Azerbaijan’s economy, rising competitiveness and technological innovations facilitate to improve economic indicators.
In January-August 2019 Azerbaijan's GDP growth amounted to 2.4 percent against a background of 0.7 percent increase within the same period in 2018, the State Statistics Committee informed local media.
GDP growth in Azerbaijan equaled 2.5 percent in January-July 2019.
The nominal GDP reached 50.9 billion manats ($29.85 billion) over the period January-August 2019. During the same period, Azerbaijan’s nominal GDP amounted to 44.47 billion manats ($26.17 billion), which is 2.5 percent more than in the same period last year.
GDP per capita in this year amounted to 5,145.1 manats ($3,017.6) that recorded an increase of 1.5 percent.
The results of eight months of 2019, GDP growth in the non-oil sector accounted for 3 percent while its share was 59.7 percent.
In the oil and gas sector, GDP growth amounted to 1.6 percent in the reporting period.
However, despite an increase within all the spheres, the construction sector declined by 8.8 percent.
Overall, 43.6 percent of GDP was produced in the industry sector over 8 months.
As for industrial production, it is noteworthy that the country has ongoing State Program for the Development of Industry in Azerbaijan for 2015-2020, which envisages the modernization of the industry and enhancing it structure, rising export possibilities of non-oil sector and broadening competitive industrial goods, training highly-qualified staff for new spheres.
The Azerbaijani government prognosticates 3.2 percent GDP growth in 2019.
Considering the forecasts of other competent sources on the country’s economy in 2019, WB and EBRD predict approximately equal figures for GDP growth, 3.3 and 3.5 percent, respectively.
Forecast figures of Fitch agency coincide with predictions of EBRD on this economic indicator in 2019.
In spite of IMF forecasts that the growth rate of the Azerbaijani economy will be 3.4 percent in 2019 which is lower than EBRD’s figures, the forecasts of IMF and WB regarding 2020 year, look more promising than expectations of other sources. IMF and WB forecast 3.1 and 3.5 percent GDP growth, respectively, while ADB expects the growth rate at just 2.7 percent.
In 2018, GDP growth in Azerbaijan amounted to 1.4 percent.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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