BAKU: Azerbaijan’s economy experienced a 4.1% growth during the first 11 months of 2024, despite a slight decline from the previous month’s growth rate, as reported by the State Statistical Committee. The country’s Gross Domestic Product (GDP) reached AZN 113.28 billion, with notable contributions from both the oil and non-oil sectors.
According to Azeri-Press News Agency, the oil and gas sector saw a modest increase of 0.4% in value added, while the non-oil and gas sector demonstrated a robust rise of 6.4%. The GDP’s structure was comprised of 37.1% from industry, 10.0% from trade and vehicle repair, 7.1% from transportation and warehousing, and 6.2% from construction. Additional contributions came from agriculture, forestry, and fishing at 6.1%, tourism accommodation and public catering at 2.5%, and information and communication at 1.8%. Other sectors collectively made up 19.2% of the GDP, with taxes on products and imports accounting for 10.0%.
The report also indicated that GDP per capita in Azerbaijan
stood at AZN 11,104.2, reflecting the country’s economic performance over the year.