Azerbaijan's economy contracts by 4.2 percent January-May
17.06.2016 09:02
Azerbaijan's economy shrank by 4.2 percent year-on-year in the January-May period, compared with growth of 5.3 percent in the same period last year, the State Statistics Committee said on Thursday.
"The decline in gross domestic product in January-May was caused by a decline in output and services in the construction sector and transport," the committee said in a statement.
The oil sector rose by 1 percent, while the non-oil sector declined by 7 percent.
Economic growth slowed to 1.1 percent last year from 2.8 percent in 2014, well below official forecasts, because of low oil prices and the devaluation of the national manat currency.
www.ann.az
Youtube
Follow us on Youtube
Photo
Video
