(MENAFN- AzerNews)
GDP Growth In 2024 Image' Width='242' Height='268'/>
Ulviyya Shahin
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Azerbaijan's Economy has shown remarkable resilience and growth
in the first five months of 2024, with a notable surge in its Gross
Domestic Product (GDP). From January to May, the GDP soared by
4.2%, reaching an impressive 48,026.0 million manats. Azernews
delves into the factors contributing to this economic upturn,
particularly focusing on the significant growth in the non-oil and
gas sector.
One of the key drivers behind Azerbaijan's GDP expansion has
been the robust performance of the non-oil and gas sector.
According to reports from the Statistics Committee, this sector
witnessed a remarkable increase in value-added production, soaring
by 7.3% compared to the previous year. This growth indicates a
diversification of Azerbaijan's economy away from its traditional
reliance on oil and gas revenues.
While the non-oil and gas sector experienced significant growth,
the oil and gas sector remained relatively stable. Despite
fluctuations in global oil prices and geopolitical tensions,
Azerbaijan's oil and gas industry maintained its contribution to
the overall GDP, providing a solid foundation for economic
stability.
Breaking down the composition of Azerbaijan's GDP provides
insight into the sectors driving economic growth. The industrial
sector led the charge, accounting for 39.7% of GDP, followed by
trade and vehicle repair (9.6%), transport and warehousing (7.0%),
construction (6.0%), agriculture, forestry, and fishing (3.8%),
tourist accommodation and public catering (2.4%), and information
and communication fields (1.8%). The remaining 20.1% of GDP came
from various other sectors. Additionally, net taxes on products and
imports played a significant role, contributing 9.6% to the
GDP.
A notable aspect of Azerbaijan's economic growth is its positive
impact on per capita income. With a GDP per capita standing at
4,713.3 manats, this economic upturn has the potential to improve
living standards and enhance purchasing power among the
population.
Several factors may have contributed to Azerbaijan's robust
economic growth. These include government initiatives to diversify
the economy, attract foreign investment, and promote
entrepreneurship. Additionally, ongoing infrastructure projects and
efforts to enhance the business environment may have stimulated
economic activity across various sectors.
Azerbaijan's impressive GDP growth in the first five months of
2024 underscores the country's economic resilience and potential
for further development. The notable expansion in the non-oil and
gas sector, coupled with stability in the oil and gas industry,
reflects a positive trajectory towards economic diversification and
sustainability. Moving forward, continued efforts to foster a
conducive business environment and invest in key sectors will be
essential to sustain this momentum and drive long-term
prosperity.
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