Azerbaijan’s gross domestic product amounted to AZN49.2bn ($62.7bn) between January and October 2014, up by 2.8% compared to the same period of last year, according to data released by the State Statistical Committee on November 14. The non-petroleum sector increased by 6.4%, while oil and gas output dropped by 1.8%. According to official statistics, services contributed 31.7% of GDP, agriculture 5.2% and construction 12.3%.
The International Monetary Fund (IMF) forecasts Azerbaijan's GDP growth at 4.5% in 2014, a downward adjustment of 0.5 percentage points from the previous forecast released in June. For 2015 the IMF prediction is a 4.6% growth.
In a report released in June, IMF experts stated that due to "the geopolitical tension in the region, the sanctions against Russia and structural changes in the Ukraine, the CIS economy is facing serious problems", including Azerbaijan whose oil and gas exports could only partly offset.
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