Azerbaijan’s economy up 2.8% in first 10 months of 2014

(Baku Daily) - Azerbaijan’s gross domestic product (GDP) expanded by 2.8 percent in the first 10 months of 2014 year on year, the State Statistics Committee said.

That compares with a 5.7 percent growth in the same period last year.

The slowdown in economic growth was caused by a decline in oil production.

Azerbaijan pumped 35.6 million tons (870,000 barrels a day) of oil during the period, down from 36.1 million tons a year earlier, as the BP-led Azeri-Chirag-Guneshli block of fields cut production.

Production of marketable natural gas rose to 15.5 billion cubic meters from 14.6 billion cubic meters.

The non-oil economy grew by 6.4 percent during the January-October period. 

Agricultural production fell by 3 percent.  

Per capita income increased by 4.1 percent while average monthly salary rose by 5.7 percent.

Consumer prices grew by 1.6 percent.