For five months of this year, the gross domestic product in Azerbaijan amounted to 23.4 billion manat, increasing by 2.8%, according to the State Statistics Committee.
The share of non-oil economy (13 bn) in GDP since the beginning of the year was 55.4%, up by 1.7%. In the annualized non-oil sector grew by 8.3%. Compared to the same period last year, the oil economy shrank by 3.6%.
Share of manufacturing in GDP by June 1 was 61.2%, and services were 31.7% and net taxes on products and imports were 7.1%. GDP in manufacturing grew mainly due to construction (17.3%), which is funded by the state. The share of mining (9,536 million) and processing industry (961 million) in GDP decreased 2.8% and 2.4%, respectively.
From the beginning of 2014, the GDP per capita amounted to 2,499.8 manat ($ 3,187.4). This is 1.7% more than in January-May 2013. By regions, the biggest GDP per capita is made in Nakhchivan - AZN 1,797.3. - 08D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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