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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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