Azerbaijan's GDP Grew by 2.7% in the First Nine Months of 2024

According to the State Statistics Committee of the country, Azerbaijan's gross domestic product (GDP) reached 92,829.5 million manats for the period from January to September 2024. In the first nine months of 2023, GDP amounted to 90,812.5 million manats. This indicates that GDP increased by 2.7% compared to the same period in 2023.

However, the State Statistics Committee reports that GDP grew by 4.7% in the first nine months of 2024. Month after month, statistics consistently report growth rates of more than 4%. In contrast, an alternative calculation by the independent agency Turan revealed a GDP decline of approximately 4% over the same periods, creating a significant discrepancy between the two sources. This divergence has led to concerns regarding the transparency of the government's economic reporting, as the State Statistics Committee does not provide comparable monthly GDP data for the previous year and does not disclose the calculation methodology.

Today's report from the State Statistics Committee shows that Azerbaijan's economy experienced uneven growth across all sectors. The oil and gas sector, which remains a key driver of the national economy, showed a value-added increase of just 0.9% between January and September 2024, as global energy prices fluctuated and production remained stable. In contrast, the non-oil and gas sector grew at a more sustainable rate of 7.1%, highlighting the government's efforts to diversify the economy and reduce its dependency on hydrocarbons.

Industry accounted for 37.1% of GDP during the reporting period, reflecting Azerbaijan’s status as an energy and industrial powerhouse. The trade and vehicle repair sector made up 9.6% of GDP, while transport and warehousing contributed 7.0%. Agriculture, forestry, and fishing accounted for 6.4%, while construction contributed 6.3% to the economy, signaling resilience in the country’s infrastructure and development projects. The tourism and hospitality sector, which is gradually recovering from the pandemic's impact, accounted for 2.4% of GDP. Meanwhile, the information and communications industry, often seen as a key growth area, contributed just 1.8%.

Other sectors collectively represented 19.2% of GDP, while net taxes on products and imports contributed 10.2%, reflecting the government’s role in shaping economic output through fiscal policy.

Azerbaijan’s GDP per capita for the first nine months of 2024 amounted to 9,102.9 manats, reflecting modest growth compared to previous periods.