In the three months since the beginning of this year, production of real gross domestic product in Azerbaijan amounted to 12 billion 588.7 million manats, which is 3.5% less than in the comparable period of 2015, the State Statistics Committee reported .
The reason for the decline in GDP is reduction of the investment in the construction sector and the diminution of the transport sector.
The share of non-oil economy (8.24 billion manat) in the structure of GDP for the first quarter was 65.4%. Reduction of the production of GDP in non-oil economy was 5.7%.
Per capita GDP in January-March 2016 amounted to 1,311.6 manats, 4.7% less than last year. In dollar terms, GDP per capita amounted to $ 827.3. ----08D
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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