Production of gross domestic product in Azerbaijan for eight months of this year amounted to 36 billion manats, which is in nominal terms by 3.1 billion manats, or 8% less than in the comparable period in 2014.
At the same time, the State Statistics Committee argues that stable prices the economy grew by 4.2%.
In contrast to the manufacturing sector (19.6 billion manats), which was recorded nominal decrease (17.9%), in the services sector (13.57 billion manats), according to estimates of SSC, growth was achieved at the level of 10.2 %.
According to the SSC, in January - August the oil GDP totaled 11.4 billion manats (-0.1%). The nominal oil GDP declined by 5.1 billion manats.
The non-oil-gas sector accounted for 68.3% of GDP since the beginning of the year. The increase amounted to 7.3% of stable prices.
This year the government forecasts GDP production at 57.2 billion manats. Real growth should reach 3.3%. Thus, in 2014 the GDP was announced at the level of 59 billion manats.
In 2016, the government forecasts GDP at 57.7 billion manats. ---08D
Economics
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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