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Azerbaijan's Economy Shows Three-fold Rise
Source: www.azernews.az
Source Date: Monday, September 16, 2013
Focus: Citizen Engagement, Internet Governance
Country: Azerbaijan
Created: Sep 18, 2013

Azerbaijan's real GDP increased by 3.4 times and the non-oil sector of the economy by 2.7 times over the past 10 years .

The State Statistical Committee of Azerbaijan reported that the country's GDP reached almost 54 billion mantas by late 2012 against 7.15 billion manats in 2003, the GDP in the non-oil sector amounted to 26.17 billion manats compared to 4.45 billion manats.

Accordingly, the nominal GDP grew by 7.6 times and the production of extra cost in the non-oil sector grew by 5.9 times.

The country's GDP reached 20.65 billion manats increasing by 5.2 per cent, non-oil GDP - 20.65 billion manats (10.3 per cent) in January-August 2013.

In 2003, the real volume of GDP per capita amounted to 827.7 manats, but over 10 years, this figure increased three-fold and reached 5,884.5 manats. According to the data for the first eight months of 2013, GDP per capita amounted to 4035.7 manats.

The volume of credit investments in the country's economy grew 23.5 times to 12.24 billion manats by the end of 2012, the revenues of the state budget increased by 19 times up to 17.28 billion manats and investments in fixed assets - seven times up to 15.41 billion manats.

Over 10 years Azerbaijan increased its industrial production by 2.8 times up to 34.57 billion manats, agricultural production by 1.5 times up to 4.84 billion manats, the volume of ICT services and communications nine times up to 1.44 billion manats, the volume of construction works - 14 times to 7.72 billion manats, retail trade turnover - three times up to 18.24 billion manats and cargo carriages - 2.1 times up to 210.86 million tons.

In 2012 foreign trade turnover increased by 8.8 times up to $33.56 billion, the number of trade partners increased from 128 to 155 countries. The volume of foreign investments increased by 4.6 times, up to $10.31 billion.

Meanwhile, the retail trade turnover in Azerbaijan increased by 3.1 times for 10 years - up to 18.24 billion manat as of late 2012. As of the first half of 2013, it amounted to 9.41 billion manat.

The volume of paid services rendered to the population increased by 5.9 times - up to 5.83 billion manat in 2012 and amounted to 2.78 billion manat in January-June this year.

During the reporting period, Azerbaijan's foreign trade turnover increased by 8.8 times - up to $33.56 billion in 2012. The number of trade partners increased from 128 to 155 countries.

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