In January of this year Azerbaijan produced Gross Domestic Product in the amount of 3.6 billion manat, the State Statistics Committee told Turan. At current prices, compared to the same period in 2014 GDP decreased by 0.8 billion manat or 18.2%.
According to estimates of SSC, according to the methodology of GDP calculation, value added in manufacturing and services as compared with January 2014 increased by 4.4% due to an increase in the volume.
In the field of non-oil sector GDP grew by 5.5% and in the oil and gas sector it grew by 3.1%.
The share of industry in GDP structure was 34%, which is one of the lowest rates after the oil boom since the early 2000s. The share of net taxes accounted for 10% of GDP, which is one of the highest in recent years.
This year the government expects the GDP at market prices in the amount of 59.8 billion manat. Economic growth should reach 4.4%. -0--
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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