Baku: Economic growth in Azerbaijan for the year has been recorded at 1%, with the country producing 83 billion 37.8 million manats of gross domestic product (GDP) from January to August. This information comes from APA-Economics, citing the State Statistical Committee.
According to Azeri-Press News Agency, the oil and gas sector experienced a decline in added value by 2.1%, whereas the non-oil and gas sector saw an increase of 2.6%. This highlights a shift in the country’s economic dependencies and growth patterns.
The industrial sector contributed significantly to GDP production, accounting for 34.9%. Other notable sectors included trade and vehicle repair at 10.3%, transport and warehousing at 7.1%, agriculture, forestry, and fishing at 6.3%, construction at 6.3%, and tourist accommodation and public catering at 2.8%. Additionally, information and communication made up 1.8%, while other sectors contributed 20.7%, with net taxes on products and imports representing 9.8% of the GDP.
GDP per capita during this period was calculated at 8,111.3 manats, reflecting the overall economic performance and distribution among the population.