WB: Azerbaijan 's energy sector grows 12%

Azerbaijan's economy grew by 5.8 percent year on year (yoy) in October, as compared to 13.7% yoy in September, the World Bank said in its Azerbaıjan Monthly Economıc Update– November 2021.

According to the document, the energy sector grew by 11.7% yoy, supported by high global energy demand and steady easing in OPEC+ oil production quotas. Growth in the non-energy sectors decelerated to 3.4% yoy, as compared to 9.5% yoy in September. Growth was supported by strong performance in manufacturing (24.4 yoy growth), transportation (15.2% yoy growth), retail trade (7.3% yoy growth), ICT (4.8% yoy growth), and continued rebound in services including the hospitality sector. However, construction and agriculture contracted in October, by 32.5% yoy and 6.2% yoy respectively, which dragged down overall growth in the non-energy sectors. On the demand side, investment fell by 30.3% yoy in October, driven by a sharp yoy decline in private non-energy investment.

"In contrast, consumption kept expanding in October, as indicated by high frequency indicators such as small payments (sharp increase by 14.3% month on month, mom) and credit and debit card transactions (2.9% mom growth)," the World Bank says.

According to the State Statistics Committee, in January-October this year, Azerbaijan produced gross domestic product (GDP) of 71.589 billion manats, or 4.9% more than the same period last year. Over the past year, value added in the oil and gas sector of the economy increased by 2.6%, and in the non-oil and gas sector by 5.9%.

40.8% of GDP production is industrial, 10.3% is in trade; repair of vehicles, 7.1% transport and warehousing, 6.7% agriculture, forestry and fishing, 5% construction, 1.8% information and communication, 1.2% - share of tourist accommodation, catering18.2%, while net taxes on products and imports accounted for 8.9% of GDP.

During the year, the value of GDP per capita in the country increased by 21.9% to 7,148 manats.

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