Finance

Finance

Non-oil sector reaches 54% of GDP in Azerbaijan for the first time

09 April 2009 15:43 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. Azerbaijanâ€™s non-oil GDP, the output of goods and services produced in the non-oil economy, reached AZN 2 079.7 million in January-February, up 13.9% from a year ago, said the National Bank of Azerbaijan.

The central bank said non-oil sector dynamics exceeded total GDP growth by 4 times. Compared to the same period last year (10.1%), non-oil GDP dynamics increased by 3.8 percentage points.

According to the data, the physical volume of non-oil GDP grew by AZN 562.4 million over the past year while oil GDP dropped by AZN 1 455 million to AZN 1 779.6 milliuon during this period.

As a result, the share of non-oil GDP jumped to 53.88% for the first time in recent years.

As of March 1, non-oil GDP per capita stood at AZN 241.31 ($300).

Non-oil GDP per capita is the GDP (total income) from the non-oil sector of a country, divided by its population. It shows how much money people earn on average from the oil exports.

Because of Azerbaijan is an energy-rich country, GDP most come from the oil sector.