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

Abstract

CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first seven months of 2017. Both independent and official reports show that GDP declined in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased by 1.0 % in January-July of 2017 compared with the period of 2016 since CESD calculations found out 1.2 % decline in the economy. The Gross Domestic Product (GDP) made up 37,645 billion manat ($ 20.320 billion US) in the first seven months of 2017. The State Statistics Committee announced 4.6 % growth in non-oil GDP and 5.4 % decline in the industry output for the same period. Meanwhile, both Azerbaijani oil export and oil output have been dramatically decreased in the first seven months of 2017.