Over the first nine months of 2016 the volume of GDP in Azerbaijan amounted to 43 billion 436.3 million manat, which is by 3.9% less than in the same period of 2015.
According to State Statistical Committee, compared to the previous year, production of added value dropped by 32% in the construction sector, transport and warehousing - 1.2%.
The share of non-oil sector accounts for 65.7%, and the oil - 34.3% of GDP, according to the SSC.
The GDP per capita is 4 512.5 manat. --08D--
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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