TODAY.AZ / Business

Azerbaijani economy grows 0,7%

17 September 2018 [17:19] - TODAY.AZ

By Azernews

By Sara Israfilbayova

Azerbaijan’s GDP volume reached almost 50.5 billion manats ($29.7 billion) in January-August 2018 that is 0.7 percent more than in January-August 2017.

The volume of GDP per capita stood at 5,153 manats ($3,031), according to a report of the State Statistics Committee.

In January-August 2018, the volume of GDP produced in the non-oil sector of Azerbaijan increased by 0.9 percent compared to January-August 2017, while in the oil and gas sector there was a decrease of 0.4 percent.

During the reporting period, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of agriculture, forestry and fisheries grew by 4.2 percent, accommodation of tourists and catering - 8.3 percent, transport and storage – 7.8 percent, information and communication services – 7.6 percent, trade and repair of vehicles - 2.7 percent, industry – 1.6 percent, other areas - 0.4 percent.

Thus, 46.3 percent (almost 23.4 billion manats-$13.76 billion) of Azerbaijan’s GDP accounted for industrial sphere, 6.3 percent (3.2 billion manats-$1.88 billion) – for construction, 5.4 percent (2.75 billion manats-$1.61 billion) – for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.9 percent (almost 4 billion manats-$2.35 billion) of Azerbaijan’s GDP.

According to the report, 9.6 percent of the GDP (4.8 billion manats-$2.82 billion), produced in the service sector, accounted for trade and maintenance of vehicles, 6.4 percent (3.2 billion manats-$1.88 billion) – for transport and storage, 2.5 percent (1.26 billion manats-$741.18 million) – for accommodation of tourists and catering, 1.6 percent (784.4 million manats-$461.18 million) – for information and communication services, 14 percent (7.07 billion manats-$4.16 billion) – for other services.

Azerbaijan’s GDP this year is expected to reach 69.4 billion manats ($40.82 billion). At the same time, 47.6 billion manats ($28 billion) of the GDP will account for the non-oil sector, which will grow 2.9 percent next year.

About 83 percent of Azerbaijan’s GDP will account for the private sector.

Incomes of Azerbaijan’s state budget for 2018 are projected at 20.127 billion manats ($11.84 billion) [including centralized incomes - 19.476 billion manats ($11.46 billion), local incomes - 650.671 million manats ($382.75 million)], expenditures are projected at 20.905 billion manats (12.3 billion) [including centralized expenses - 20.182 billion manats ($11.88 billion), local expenses - 724.092 million manats ($425.94 million)].

It is projected that Azerbaijan’s state budget for 2018 will be based on oil price of $45 per barrel.


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