Home / Economy / Azerbaijani economy grows nearly 1%

Azerbaijani economy grows nearly 1%

Azerbaijan’s GDP volume reached almost 65.2 billion manats in January-October 2018 that is 0.8 percent more than in January-October 2017, according to a report of the State Statistics Committee.The volume of GDP per capita stood at 6,648.1 manats.In January-October 2018, the volume of GDP produced in the non-oil sector of Azerbaijan increased by 1 percent compared to January-October 2017, while in the oil and gas sector there was an increase of 0.3 percent.During the reporting period, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of transport and storage grew by 8.6 percent, accommodation of tourists and catering – by 7.6 percent, information and communication services – by 8.8 percent, agriculture, forestry and fisheries – by 5 percent, trade and repair of vehicles – 2.6 percent, industry – by 1.4 percent, other areas – by 0.3 percent.The construction sector decreased by 15.8 percent.Thus, 45.7 percent (almost 29.8 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 6.3 percent (4.2 billion manats) – for construction, 5.6 percent (3.66 billion manats) – for agriculture, forestry and fishery.Net taxes on production and import accounted for 7.87 percent (almost 5.1 billion manats) of Azerbaijan’s GDP.According to the report, 9.4 percent of the GDP (6.1 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.35 percent (4.15 billion manats) – for transport and storage, 2.33 percent (1.5 billion manats) – for accommodation of tourists and catering, 1.55 percent (1.01 billion manats) – for information and communication services, 14.65 percent (9.56 billion manats) – for other services.

About Fidan Abdullayeva