Azerbaijan’s economy grows by over 4%

Azerbaijan generated 48.026 billion manats ($28.25 billion) of GDP in the first five months of 2024, which is 4.2% more than year-on-year, Report informs, citing the country’s State Statistical Committee.

Over the past year, the production of added value in the non-oil and gas sector of Azerbaijan's economy increased by 7.3%, while it remained unchanged in the oil and gas sector.

In Azerbaijan, industry comprises 39.7% of the total GDP, followed by trade and vehicle repair at 9.6%, transport and warehousing at 7%, and construction at 6%. Agriculture, forestry, and fishing contribute 3.8%, 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 20.1% and 9.6% respectively

During the reporting period, the value of GDP per person of the population was 4,713 manats (about $2,772).