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Azerbaijan posts a 20% increase in non-oil GDP per capita

04 March 2009 09:02 (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 891.5 million in January, up 2.8% from a year earlier, said the Statistics and Research Department of the National Bank of Azerbaijan.

The central bank said there is growth in non0oil economy despite a slowdown in the extractive industry.

According to the data, the physical volume of non-oil GDP grew by AZN 159.1 million over the past year while total GDP dropped by AZN 426 million during this period.

As a result, the share of non-oil GDP jumped to 47.93% from 32.00% for the first time in recent years.

As of February 1, non-oil GDP per capita stood at AZN 103.5 ($128.9), up 20.32% from January 2008.

Non-oil GDP per capita is the GDP (total income) from the 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.

As of February 1, the total GDP reached AZN 1 860.0 million in January, down 2.6% from the same month last year. GDP per capita was AZN 215.9 ($268.9) in January, according to the State Statistical Committee.