Azerbaijan’s economy grows by 4.5%

Azerbaijan generated 70.544 billion manats (just over $41.496 billion) of GDP in the first seven months of 2024, which is 4.5% more than year-on-year, Report informs, citing the country’s State Statistical Committee.

Over the past year, the production of added value in Azerbaijan's non-oil and gas sector grew by 6.7% and rose by 1.2% in the oil and gas sector.

In Azerbaijan, industry comprises 38.4% of the total GDP, followed by trade and vehicle repair - 9.6%, transport and warehousing - 7%, and agriculture, forestry, and fishing - 6%. Construction contributes 5.7%, while tourist accommodation and catering account for 2.4%. Information and communication represent 1.8%, and other areas, along with net taxes on products and imports, constitute 19.1% and 10% respectively.

During the reporting period, the value of GDP per person was 6,921 manats (about $4,071).