Azerbaijan's GDP up 3.3% y/y in January-October

By bne IntelliNews November 23, 2015

Azerbaijan's GDP grew by 3.3% y/y to AZN45.9bn (€41.3bn) in January-October, according to the country's State Statistical Committee (Azstat).

The Azeri economy continues to be dominated by hydrocarbons exploration, although the drop in oil prices in the last year has seen its contribution to GDP dwindle to 30.8% in January-October, down from over 40% three years ago.

Industry overall, including the energy sector, contributed to 33.8% of GDP, services accounted for 38.6% of GDP, construction for 13.8%, agriculture and forestry for 6.2%, while net taxes on imports to 7.6% of GDP in January-October.

In the first ten months of 2015, the non-oil economy grew by 5.2% y/y, while the energy sector grew by 0.5% y/y.

Related Articles

SOCAR to supply Syria with gas

Syria’s nascent transitional government has secured a crucial energy agreement with Azerbaijan, a move aimed at alleviating the country’s crippling power shortages and marking a significant step ... more

IMF says Azerbaijan’s banking sector stronger but systemic vulnerabilities persist

The International Monetary Fund (IMF) has concluded that Azerbaijan’s financial system has made considerable progress in strengthening resilience since the 2015 oil price shock and 2020 COVID-19 ... more

Azerbaijan’s banking sector assets reach AZN27.88bn with a 2.55% NPL ratio in March 2025

The Azerbaijani banking sector has demonstrated remarkable resilience and steady growth in recent years, despite global economic challenges, according to the latest central bank ... more

Dismiss