During 7 months, 2016 GDP of the country dropped by 3%, according to the Azerbaijan State Statistical Committee.
During this period GDP totaled 32,122,600,000 AZN ($19.95 billion at the current rate of the Central Bank of Azerbaijan (CBA).
From January to July 2016 the volume of non-oil GDP totaled 20,820,100,000 AZN, dropped by 5.4%.
From January to July 2016 oil industry had a 2% growth. According to the Committee, during this period Azerbaijan GDP dropped, because of decline of manufacture and construction services by 30.7%.
From January to July 2016 GDP per capita totaled 3,340 AZN (dropped by 4.1%).
In 2016 the Azerbaijani government forecasts GDP growth at 1.8%.
In 2015 Azerbaijan GDP increased only by 1.1% (index of 1996).—0—
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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