In 2016 the volume of gross domestic product in Azerbaijan amounted to 59 billion 987.7 million manat, which is 3.8% less than in comparable prices, than in the previous year, SSC reported on January 18.
According to the official commentary, decline in GDP is due to the decline in value added in the construction sector by 27.6%. In 2016, GDP in the construction sector amounted to 6 billion manat.
The share of non-oil sector (39.4 billion manat) in the structure of GDP was 65.7%, and the share of oil and gas (20.5 billion manat) was 34.3%.
In nominal terms, GDP grew by 10.2%.
Manufacturing GDP per capita amounted to 6223.8 manat. In nominal terms, this is 9.1% more than in 2015. ----08D
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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