During the first 11 months of 2016 the volume of GDP in Azerbaijan amounted to 54 billion 433.1 million manat, in constant prices by 3.9% less than in the same period last year, according to SSC on 14 December.
The reason for the decline of the economy is the decline in production in the construction sector by 27.9%, the SSC report emphasizes. The share of the construction sector in GDP structure was 10.3%.
The industrial sector produced 37.5% of GDP, trade and repair of motor vehicles - 10.7%, agriculture - 5.4%, tourism and food industry - 2.5%, transport and warehousing sector - 6.7%, etc.
GDP per capita was AZN 5,649.90.
The government forecasts real GDP growth in Azerbaijan in 2017 at the level of 1%. ------08B
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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