Azerbaijan's Economy Expands by Over 4% in 2024

Azerbaijan's gross domestic product (GDP) reached 126.3 billion manats in 2024, reflecting a 4.1% growth compared to the same period last year, The Caspian Post reports citing Azertac.

According to the Azerbaijan State Statistical Committee, the added value in the oil and gas sector increased by 0.3 percent, while the non-oil and gas sector experienced a growth of 6.2 percent.

In terms of distribution, 35.9% of the GDP came from industry, followed by 10.7% from trade and vehicle repair, 7% from transportation and storage, and 6.7% from construction. Agriculture, forestry, and fishing contributed 5.7%, while accommodation and food services accounted for 2.4%. The information and communication sector made up 1.9%, with other sectors comprising 19.9%. Net taxes on products and imports represented 9.8% of the GDP..

The GDP per capita stood at 12,382.5 manats.