Azerbaijan's GDP grows by almost 1.3pct

19 February 2019 13:36 (UTC+04:00)

By  Trend

Azerbaijan’s GDP in January 2019 amounted to almost 5.9 billion manats, which is 2.9 percent more than in January 2018, Trend reports referring to the State Statistics Committee.

GDP per capita was 601.1 manats.

The volume of GDP produced in the non-oil sector of Azerbaijan increased by 2.7 percent over a year, while there was an increase of 3.2 percent in the oil and gas sector.

In 2018, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of transport and storage grew by 10.6 percent, accommodation of tourists and catering - by 2.1 percent, information and communication services - by 5.6 percent, agriculture, forestry and fisheries - by 2.4 percent, trade and repair of vehicles - 2.7 percent, industry - by 3.9 percent, other areas - by 1.5 percent.

Thus, 45.9 percent (2.7 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 5.6 percent (329.6 million manats) – for construction, 3 percent (177.1million manats) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.8 percent (6.2 billion manats) of Azerbaijan’s GDP.

According to the committee, 9.6 percent of the GDP (7.67 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.3 percent (5.03 billion manats) – for transport and storage, 2.2 percent (1.79 billion manats) – for accommodation of tourists and catering, 1.6 percent (1.24 billion manats) – for information and communication services, 15 percent (12 billion manats) – for other services.

Azerbaijan economy is based on oil and gas extraction which account for 95 percent of exports and 75 percent of government revenues. Azerbaijan's GDP grew 41.7 percent in the first quarter of 2007, possibly the highest of any nation worldwide.

Azerbaijan’s economy will grow 3.5 percent in 2019, according to Fitch Ratings. The international rating agency Standard & Poor's (S&P) expects the Azerbaijani economy to grow by 2.3 percent in 2019. The government of Azerbaijan forecasts GDP growth in 2019 at the level of 3.6 percent.

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