Azerbaijan sees 5% economic growth in 2023

Azerbaijan’s economy demonstrated a 5 percent increase in January 2024, with the gross domestic product reaching 9,131 million manats, News.Az reports citing the State Statistical Committee.

This marks a 5 percent growth compared to the corresponding period of the previous year.

The added value in the oil and gas sector decreased by 2.6 percent, while it increased by 12.3 percent in the non-oil and gas sector. Various sectors contributed to the GDP, with 41.9 percent from industry, 10.5 percent from trade; vehicle repair, 7.0 percent from transport and warehousing, 5.8 percent from construction, 2.9 percent from agriculture, forestry and fishing, 1.8 percent from information and communication fields, 1.7 percent from tourist accommodation and public catering, and 17.8 percent from other fields. Net taxes on products and imports constituted 10.6% of the GDP.

The GDP per capita stood at 896.7 manats.


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