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Aze.Media > News > Economy > Azerbaijan’s economy saw a 5% expansion in 2023
Economy

Azerbaijan’s economy saw a 5% expansion in 2023

In January 2024, Azerbaijan's economy saw a 5 percent growth, with its gross domestic product (GDP) reaching 9,131 million manats. This represents a 5 percent increase from the same period the year before.

AzeMedia
By AzeMedia Published February 13, 2024 1.6k Views 1 Min Read
Port Baku

The Azerbaijan State Statistical Committee reports that while the oil and gas sector experienced a decrease in added value by 2.6 percent, there was a significant 12.3 percent rise in the non-oil and gas sector. The GDP composition included contributions from various sectors: industry accounted for 41.9 percent, trade and vehicle repair made up 10.5 percent, transport and warehousing comprised 7.0 percent, construction contributed 5.8 percent, agriculture, forestry, and fishing added 2.9 percent, information and communication were at 1.8 percent, tourist accommodation and public catering stood at 1.7 percent, and other sectors combined for 17.8 percent. Additionally, net taxes on products and imports made up 10.6 percent of the GDP.

The per capita GDP was calculated at 896.7 manats.

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