Azerbaijan Economy in the first two months of 2017; Brief Overview

Abstract

CESD- Center for Economic and Social Development concluded its macroeconomic survey results for the first two months of 2017. Both independent and official reports show that GDP slightly increased in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP increased by 0.4 % in the first two months of 2017 compared with the period of 2016 since CESD calculations found out only 0.1 % growth in the economy. The committee has reported that 10.04 billion manat ($ 5.57 billion US, with the official average rate for the indicated period) GDP was produced in the indicated period. GDP was at the level of 5.2 billion manat in January 2017 and 4.8 billion manat in February. So, GDP declined in February 2017 compared to previous month by 8.3 %. The State Statistics Committee announced 2.3 % growth in non-oil GDP and 3.7 % decline in the industry output for the same period. Meanwhile, both Azerbaijani oil export and oil output have been dramatically decreased in the first two months of 2017.