Azerbaijan's economy up 2.1% in first half of year

Azerbaijan’s gross domestic product (gdp) expanded by 2.1 percent in the first six months of 2014 year-on-year, the State Statistics Committee said in a report on its website.

That compares with a 5-percent growth during the same period last year.

The economic growth slowed due to a decline in the country’s oil production. 

Azerbaijan pumped 21.2 million tons of crude oil during the period, down from 21.8 million tons a year earlier. 

Production of marketable natural gas increased to 9.1 billion cubic meters from 8.9 billion cubic meters.

The country’s industrial production fell 2.4 percent while agricultural output expanded 5.8 percent, according to the committee.

Non-oil gdp grew by 7 percent. Consumer prices were up 1.6 percent year-on-year.

Bakudaily.az