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

Nagorno-Karabakh protests enter their third day

Demonstrators blocked off one of the central streets in Stepanakert, the capital of the Azerbaijani separatist republic of Nagorno-Karabakh, on June 4 as protests entered their third day.  ... more

Azerbaijan to seek better terms from Formula One

The organisers of the Azerbaijan Grand Prix have asked global motorsports business Formula One to reduce the race sanctioning fee they have to pay, according to reports in the sports media.  ... more

Fire breaks out in Baku’s former Trump Tower

At least four people were injured in a fire that broke out in the 33-storey former Trump Tower in Baku on April 28.  The building was originally planned as a Trump Tower, but never opened ... more