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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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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