Azerbaijan's GDP grows by almost 1.5%

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10:03 | 22.01.2019

Azerbaijan's GDP grows by almost 1.5%

Azerbaijan’s GDP in 2018 amounted to almost 79.8 billion manats, which is 1.4 percent more than in 2017, Trend reports referring to the State Statistics Committee.

GDP per capita was 8,126.2 manats.

The volume of GDP produced in the non-oil sector of Azerbaijan increased by 1.8 percent compared to 2017, while there was an increase of 0.6 percent in the oil and gas sector.

In 2018, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of transport and storage grew by 7.8 percent, accommodation of tourists and catering - by 7.6 percent, information and communication services - by 9.3 percent, agriculture, forestry and fisheries - by 4.6 percent, trade and repair of vehicles - 3 percent, industry - by 1.4 percent, other areas - by 0.8 percent.

The construction sector decreased by 9 percent.

Thus, 44.2 percent (almost 35.3 billion manats) of Azerbaijan’s GDP accounted for industrial sphere, 7.96 percent (6.35 billion manats) – for construction, 5.2 percent (4.2 billion manats) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.8 percent (6.2 billion manats) of Azerbaijan’s GDP.

According to the committee, 9.6 percent of the GDP (7.67 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.3 percent (5.03 billion manats) – for transport and storage, 2.2 percent (1.79 billion manats) – for accommodation of tourists and catering, 1.6 percent (1.24 billion manats) – for information and communication services, 15 percent (12 billion manats) – for other services.
(1 USD = 1.7 AZN on Jan. 22)

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