Azerbaijan’s economy grows by over 4%

Azerbaijan generated 80.96 billion manats ($47.6 billion) of GDP in the first eight months of 2024, which is 4.3% more than year-on-year, reported from the country’s State Statistical Committee.

Over the past year, the production of added value grew by 7% in Azerbaijan's non-oil and gas sector and by 0.2% in the oil and gas sector.

In Azerbaijan, industry comprises 37.9% of the total GDP, followed by trade and vehicle repair - 9.7%, transport and warehousing - 7%, and construction - 6.1%. Agriculture, forestry, and fishing contribute - 6%, while tourist accommodation and catering account for 2.5%. Information and communication represent 1.8%, and other areas, along with net taxes on products and imports, constitute 18.9% and 10.1% respectively.

During the reporting period, the value of GDP per person was 7,941 manats (about $4,671).






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