The pace of GDP decline in Azerbaijan is slowing down

The pace of GDP decline in Azerbaijan is slowing down

In the first half of 2024, Azerbaijan produced a gross domestic product amounting to 59,520.4 million manats, which is 4.3% higher than the same period last year, according to the State Statistics Committee (SSC).

Value added in the oil and gas sector increased by 0.6%, while the non-oil and gas sector saw significant growth of 6.9%, as reported by the SSC. GDP production was diversified across various sectors: industry accounted for 38.5%, trade and repair of motor vehicles for 9.7%, transportation and storage for 7.0%, construction for 5.8%, agriculture, forestry, and fishing for 5.8%, accommodation and food services for 2.4%, and information and communication for 1.7%. Other sectors, along with net taxes on products and imports of industrial goods, contributed 19.5% and 9.6% to GDP respectively.

According to Turan's calculations, GDP actually contracted by 1.3% during the reporting period, as GDP for the first six months of 2023 amounted to 60,302 million manats. However, the six-month figures for 2024 indicate a slowdown in the GDP production decline. In previous months, the decline was at a level of 4.5%.

GDP per capita for the first half of 2024 amounted to 5,840.7 manats.

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