Azerbaijan’s GDP amounted to almost 32.12 billion manats in January-July 2016, down by 3% YoY, according to a report of the State Statistics Committee.
The report says that the main reason of the Azerbaijani economy’s reduction is the 30.7% decline in volumes of production and services in the construction sector.
Over the seven months of 2016, non-oil sector of the Azerbaijani economy decreased by 5.4% YoY and its share in the country’s GDP was 64.8%.
53.8% of Azerbaijan’s GDP accounted for production sector, of which 38.8% (almost 12.46 billion manats) accounted for industry, 9.36% (3 billion manats) – for construction, almost 5.6% (1.8 billion manats) – for agriculture, forestry and fish farms.
Net taxes on products and imports accounted for 7.46% of Azerbaijan’s GDP.
Over the seven months of 2016, the volume of value added production in Azerbaijan’s industry increased by 2.1% YoY, while the same figure in trade and repair of vehicles increased by 2%, in tourist accommodation and public catering – by 3%, in information and communication services – by 12.5%, and agriculture, forestry and fish farms – by 2.6%. (Trend/Business World Magazine)
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