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GDP Falls by 3.1 Billion Manats
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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