Baku/18.02.14/Turan : In January this year , the gross domestic product in Azerbaijan amounted to 4359 million manat, which is 0.8% more than in January 2013. Last month, deteriorated performance in the oil and its derivatives , which resulted in a decline in oil sector GDP by 6%.
According to the State Statistics Committee, the GDP growth of non-oil sector was 7.7% in January . Added value in the non-oil sector was 53.8 % (2 346.8 million manat) of GDP.
Fragile GDP growth was achieved due to increased production in the service sector by 6.4 %. The share of the production of services ( 1,436 million) in GDP reached 32.9% .
In January 2014 as a result of lower production volumes added value in the areas of mining ( 1879 million or minus 5.9% ) and processing (177 million or minus 1.8% ) industries in the manufacturing sector , GDP declined by 2.4 %.
In the field of production, distribution and supply of electricity, gas and steam added value in January was 120.4 million manat, increasing at an annual rate of 1%. In the area of ??water supply , treatment and disposal of waste is negligible value added Ball - 5.9 million manat. And in those industries where accounting is extremely complex process , GCS recorded a significant step forward. For example, in the sphere of trade and service vehicles ( 341.9 million manat) growth marked 9.35%, tourist accommodation and catering (90 million AZN) - 15.7% , social and other services ( 678.3 million) - 3.6 %, etc.
GDP per capita in January amounted to 465.6 AZN or $ 593.6 . - 08D-
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review