In January 2015 Azerbaijan produced Gross Domestic Product (GDP) to the amount of 3.6 billion AZN, a source from the State Statistical Committee told Turan. GDP decreased by 0.8 billion AZN or by 18.2% against the same period in 2014.
The Committee reports that according to the method of GDP calculation, added value in fields of production and services increased by 4.4% against January 2014 at the expense of its increase in natural expression.
In the field of non-oil sector GDP growth constituted 5.5%, while in the oil and gas industry – 3.1%.
Specific weight of industry in GDP constituted 34%, which is among the lowest indexes after the oil boom since the early 2000s.
Oil and gas industry constitutes the main part of industry. Reduction of a specific weight of industry in the structure of Azerbaijan’s GDP is connected first of all with slump of oil prices at the world markets.—0--
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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