Finance

Finance

Azerbaijan’s GDP grew by around 3 percent in September

22 November 2019 10:48 (UTC +04:00)

GDP in Azerbaijan grew by around 3 percent in September year-on-year (yoy) and by 2.5 percent in the first three quarters of 2019, the report entitled “Azerbaijan Monthly Economic Update – November 2019” published by the World Bank (WB) reads, APA-Economics reports.

The report says that while hydrocarbons output stagnated in September, output in the non-
oil/gas sectors picked up vigorously. With this, non- hydrocarbon sector growth reached 3.5 percent yoy in the nine months of 2019, while growth in the hydrocarbon sector moderated to 1.1 percent.

According to the report, agriculture performed particularly well in September, bringing the year-to-date growth rate to 7.1 percent.

On the demand side, investment picked up in September, particularly in non-oil/gas sectors, but by not enough to make up for the negative annual growth rates during most of the year. Consumption was bolstered by 6.5 percent growth in real wages, particularly in the public
sector, and employment growth.

Besides, the growth rate in ICT services softened in September but remained robust while services, including trade, continued to grow moderately.