From January to June 2012 Gross Domestic Product (GDP) in Azerbaijan totaled 25.9 billion AZN, which is equal to 370 million AZN in comparable prices or up 1.5% against the same period in 2011, a source from the State Statistical Committee told Turan.
Specific weight of the non-oil sector in GDP constituted 47.8%. During six months 2012 the non-oil sector increased by 1.3%. According to the State Statistical Committee, oil GDP dropped by 6.4%.
67.7% of GDP fell to the production sector, including 54% of industry. 9.2% was produced in the construction sector, 5.4% in agriculture and 4.5% in the transport sector.
During 6 months, 2012 GDP production per capital totaled 2828 AZN or $3597.-0-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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