Azerbaijan's gross domestic product in real prices rose by 0.1% in the first four months of this year, the State Statistics Committee said. Economists are not in a hurry to describe the trend as stagnation.

According to official data, in the past period of this year the GDP production amounted to about AZN 40 bln. In the oil and gas sector, the GDP declined by 2.9%, and in the non-oil and gas sector by 3.1%.

The structure of the GDP by sectors is distributed as follows: industry 46.8%, trade - 8.9%, transport - 5.5%, construction - 4.6%, agriculture 2.8%, ICT - 1.5%, hotel and catering - 2.1%, etc. Per capita GDP for the first four months was 3,945.5 manats ($2,320).

Economists believe that with the continued decline in the oil sector in Azerbaijan, no major breakthrough in GDP is expected in the coming years. If the non-oil and gas sector does not cover the lag of the oil sector during this time, then the economy will move into a phase of stagnation, economists say. To their thinking, the new industries created in the country do not serve the formation of high-value-added sectors.

Source: Turan News Agency