Azerbaijan's GDP declines by 3.3% y/y to €2.3bn in January

By bne IntelliNews February 23, 2016

Azerbaijan's GDP declined by 6.6% m/m and by 3.3% y/y to AZN4bn (€2.3bn) in January, according to the country's State Statistics Committee (Azstat). However, in nominal terms GDP grew by 12% y/y, from AZN3.6bn (€2bn) in January 2015. Output of the non-oil economy declined by 3.7% y/y to AZN2.7bn (€1.54bn), while energy output declined by 2.4% y/y to AZN1.3bn (€0.74bn).

Azerbaijan has suffered as a result of low oil prices since June 2014, which has resulted in monetary instability, lower export revenues and high inflation. Oil and gas accounted for some 40% of GDP in 2013, but the contribution of the energy sector to the economy has declined to under 30% as a result of the decline in prices.

Azstat reported a 1.1% GDP growth in 2015, from AZN59bn (€33.7bn) at end-2014 to AZN54bn (€30.87bn) at end-2015. In nominal terms, GDP contracted by 7.8%, while the Azerbaijani manat lost some 50% of its value and the official inflation rate was 4% in 2015, so it is unclear how Azstat calculates real GDP growth.

In January, the volume of industrial production declined by 3.1% m/m in nominal terms and by 2% m/m in real terms to AZN2.11bn (€1.21bn), with the private sector accounting for over 75% of industrial production. Hydrocarbons continue to account for the lion's share of industrial production - 62.2% in January, followed by electricity generation - 8.1%, and manufacturing - 28.8%.

Related Articles

Bombardier's Swedish branch embroiled in corruption scandal related to Azerbaijani contract

The Swedish branch of Canadian aerospace multinational Bombardier is suspected of bribing its way into a $350mn contract with the government of Azerbaijan, a new investigation reveals. According ... more

Trump Org's Azerbaijan deal could open it up to prosecution, claims New Yorker

The Trump Organisation could be liable for prosecution under the Foreign Corrupt Practices Act (FCPA) for its business ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss