GDP growth in Azerbaijan in 2018 boosted by non-oil sector

Real GDP growth in Azerbaijan in 2018 was 1.4 percent, though it was expected to be 2 percent, Trend informs referring to a report of the country’s Accounts Chamber on the implementation of Azerbaijan’s budget for 2018.

The most solid growth rates were recorded in the transport and warehousing sectors (37.4 percent), the non-oil sector (over 24 percent), trade (over 22 percent) and agriculture (over 18 percent). In the field of tourism, communications and other sectors of the economy, the growth was in the range of 10-13 percent.

Decline in the construction sector by 9 percent had a significant impact on the slowdown in GDP growth.

In monetary terms, the country’s GDP in 2018 amounted to 79.8 billion manat, which exceeded forecasts by almost 15 percent. The main share of GDP fell on the non-oil sector with 46.89 billion manats. The share of the oil sector, exceeding the forecast figures by 51.2 percent, amounted to 32.9 billion manats.

The share of industry in the structure of GDP was 35.3 billion manats, which is 45.5 percent higher than forecast figures. The share of agriculture, forestry and fisheries in GDP amounted to 4.19 billion manats (growth by 0.5 percent), construction – 6.35 billion manats (reduction by 14.8 percent), trade and repair of vehicles – 7.67 billion manats (a decrease by 2.6 percent).

The share of the transport and warehousing sector, having increased by 0.8 percent, amounted to 5.03 billion manats. An increase in indicators is also observed in the field of information and communications, the share of which amounted to 1.24 billion manats (a growth by 7.8 percent). The tourism and catering sector, having decreased by 1.9 percent, amounted to 1.83 billion manats.

The share of the social and other sectors, having decreased by 3.5 percent, equaled to 11.94 billion manats.

(1 USD = 1.7 AZN on June 23)