This year began in Azerbaijan with contraction of economy

Azerbaijan produced GDP of AZN 9.69 bn in January 2023, or 1.5% less versus January 2022.

banks.az reports, referring to the State Statistics Committee, that economic downturn is associated with the oil & gas sector - so, in January, value added in the oil & gas sector of the economy decreased by 4.6%, and in the non–oil & gas sector grew by 1.7%.

52.8% of GDP production accounted for industrial sector, 9.5% for trade; vehicle repair, 5.3% for transport & warehousing, 3.2% for construction, 2.6% for agriculture, forestry and fishing, 1.6% for information & communications, 1.4% for tourist accommodation and catering, 15.5% for other industries, and 8.1% for net taxes on products and imports.

GDP per capita was 956.6 manats.