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Share of oil and gas industry in GDP started declining after slump of oil prices
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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