Azerbaijan’s economy expanded by 2.4 percent in the first seven months of 2014 year-on-year compared with 5 percent a year earlier, the State Statistics Committee said.

Industrial production fell 1.7 percent as crude oil output continued to decline, the committee said.

The country produced 24.9 million tons of oil in January-July, down from 25.5 million tons a year earlier.

Production of marketable natural gas grew to 10.8 billion cubic meters from 10.3 billion cubic meters.

The non-oil economy expanded by 6.8 percent compared with 10.5 percent during the same period last year.

Consumer prices grew 1.5 percent.

Azerbaijan’s gross economic product increased by 5.8 percent last year and 2.2 percent in 2012.

The government has set the goal of doubling the non-oil economy by 2020 to offset the decline in oil production.

Bakudaily.Az