TODAY.AZ / Business

Azerbaijan's GDP increases

20 June 2019 [11:53] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan continues to remain the largest economy in the South Caucasus region.

The GDP growth in the country amounted to 2.2 percent in January-May 2019 compared to the corresponding period of last year.

In the reporting period, the nominal volume of GDP amounted to 30.6 billion manats ($18 billion).

According to the State Statistics Committee, 46 percent of GDP production accounts for industry, 9.9 percent for trade, 6.4 percent for transport and warehousing, 5.9 percent for construction, 3.7 percent for agriculture, forestry and fishing, 2.6 percent for tourists accommodation and public catering, 1.8 percent for information and communications, and 14.4 percent for other spheres.

The share of taxes in GDP is 9.3 percent. The GDP per capita amounted to 3,099 manats ($1,823).

It’s noteworthy that the government of Azerbaijan expects GDP growth at 3.6 percent in 2019, 3.8 percent in 2020, 3.6 percent in 2021.

In 2018, GDP growth in Azerbaijan was 1.4 percent, and average annual inflation - 2.3 percent.

As for the other forecasts on Azerbaijan’s economy, the WB predicts GDP growth in Azerbaijan at the level of 3.3 percent in 2019, 3.5 percent in 2020, 3.7 percent in 2021.

In addition, EBRD expects that Azerbaijan's GDP will grow by 3.5 percent in 2019, and by 3.3 percent in 2020.

At the same time, ADB expects that the economy of Azerbaijan will grow by 2.5 percent in 2019 and by 2.7 percent in 2020.

Meanwhile, according to the forecasts of the Fitch agency, the economy of Azerbaijan will grow by 3.5 percent in 2019. At the same time, the international rating agency Standard & Poor's (S&P) expects the Azerbaijani economy to grow by 2.3 percent in 2019.

Also, IMF forecasts that the growth rate of the Azerbaijani economy can accelerate to 3.4 percent in 2019, 3.1 percent in 2020.


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