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

Abstract

Center for Economic and Social Development concluded its macro-economic survey results for the first nine 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 0.6 % in January-September of 2017 compared with the same period of 2016 since CESD calculations found out 1.0 % decline in the economy. The Gross Domestic Product (GDP) made up 50.067 billion manat ($ 29.451billion US) in the first nine months of 2017. The State Statistics Committee announced non-oil GDP increased by 2.5 %, meanwhile, oil GDP declined by 6.5 % in January-September 2017 Meanwhile, both Azerbaijani oil export and oil output have been dramatically decreased in the first nine months of 2017.