Azerbaijani growth leaps to 2.5 per cent

Gross domestic product in Azerbaijan increased by 2.5 per cent during the first seven months of this year, a steep jump compared to the growth of just 0.2 per cent the economy saw in the corresponding period of 2018, the State Statistical Committee of Azerbaijan has announced.

According to the Azeri media, the country’s nominal GDP totalled close to 44.5 billion manats (26.2 billion US dollars), with GDP per capita standing at 4,500 manats (2,647 US dollars) in the reporting period.

Growth was recorded in all sectors of the economy, except the construction sector. The highest growth rate was observed in the ICT sector (16.9 per cent), in agriculture (6.3 per cent) and in tourism (4.3 per cent).

Between January and July, the country’s oil sector grew by 1.9 per cent, with the non-oil sector increasing by three per cent.

Azerbaijan’s economic growth during the first quarter of 2019 amounted to three per cent, the Azeri government announced in June.

The IMF projects a 3.4 per cent growth rate in the country this year, with the World Bank and the EBRD expecting the Azeri GDP to grow by 3.3 per cent and 3.5 per cent respectively. Projections for growth in 2020 and 2021 also stand above 3.5 per cent.