News & Analysis

Azerbaijan’s GDP grows by 2.4 per cent in first half of 2019

BAKU AZERBAIJAN - SEPTEMBER 25: People goes by the seafront of Baku on September 25 2016. Baku is a capital and largest city of Azerbaijan.

The Azerbaijani economy grew by 2.4 per cent during the first six months of 2019 compared to the same period of the previous year, with a nominal volume of 37.825 billion manats (22.25 billion US dollars), Azerbaijani state news agency Azernews has reported.

According to the State Statistical Committee of Azerbaijan, the share of industrial production in the GDP recorded during the aforementioned period was 44.6 per cent, while taxes accounted for nine per cent of the economy. At the same time, the construction sector’s share decreased by 11.2 per cent which is expected to have a significant impact on the economy’s expansion this year.

The industry’s share has been continuously growing over the last years, from 32.9 per cent in 2015 to 44.2 per cent in 2018. Officials from the State Statistical Committee added that increasing economic capacities, rising competitiveness and enhancing technological innovation could decrease the economy’s dependence on energy exports.

The latest projections of the World Bank and the European Bank for Reconstruction and Development estimate the country’s GDP to grow by 3.3 per cent and 3.5 per cent respectively in 2019, while the Azerbaijani government expects a 3.2 per cent growth rate for this year.