During the first 11 months of 2016 the volume of GDP in Azerbaijan amounted to 54 billion 433.1 million manat, in constant prices by 3.9% less than in the same period last year, according to SSC on 14 December.
The reason for the decline of the economy is the decline in production in the construction sector by 27.9%, the SSC report emphasizes. The share of the construction sector in GDP structure was 10.3%.
The industrial sector produced 37.5% of GDP, trade and repair of motor vehicles - 10.7%, agriculture - 5.4%, tourism and food industry - 2.5%, transport and warehousing sector - 6.7%, etc.
GDP per capita was AZN 5,649.90.
The government forecasts real GDP growth in Azerbaijan in 2017 at the level of 1%. ------08B
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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