Azeri economic growth slows in first 9 months

Azerbaijan’s economic growth slowedin the first nine months of 2014 as oil production continued to decline.

Gross domestic product (GDP) grew by2.5 percent between January and September compared with 5.4 percent a yearearlier, the State Statistics Committee said on its website.

The country produced 32.1 milliontons of oil through September, down from 32.5 million tons during the sameperiod last year.

Production of marketable natural gasincreased to 13.8 billion cubic meters from 13.1 billion cubic meters.

The non-oil economy expanded by 6percent compared with 10.4 percent.

Industrial production fell by 0.6percent and agriculture declined by 3.7 percent.

Consumer prices grew by 1.5 percent.

Azerbaijan, the largest crudeproducer in the former Soviet Union after Russia and Kazakhstan, seeks todiversify the economy away from oil and natural gas. 

It has set the target ofdoubling the non-oil economy by 2020.

Oil production has been on a steadydecline since peaking at 51 million tons in 2010.

The country pumped 43 million tons ofoil last year. Output is expected to remain flat this year. 

Bakudaily.Az