Azerbaijan's economy sees 5 per cent growth

In January 2024, Azerbaijan produced gross domestic product (GDP) of 9.131 billion manats ($5.36 billion), up 5 per cent year-on-year.

Over the past year, added value in the oil and gas sector of the economy decreased by 2.6 pe cent, while in the non-oil and gas sector, it increased by 12.3 per cent, Report informs, citing the State Statistical Committee.

According to official figures, 41.9 per cent of GDP production was formed in industry, 10.5 per cent in trade; repair of vehicles, 7 per cent in transport and warehousing, 5.8 per cent in construction, 2.9 per cent in agriculture, forestry, and fishing, 1.8 per cent in information and communications, 1.7 per cent in tourist accommodation and catering, and 17.8 per cent in other spheres. Net taxes on products and imports amounted to 10.6 per cent of GDP.

The GDP per capita amounted to 897 manats ($527.07).