AZERBAIJAN: GDP GROWTH.
Summary: Azerbaijan's real GDP posted a 1.1% y/y growth rate, the slowest level since 1995, excluding 0.1% y/y growth in 2011.
Azerbaijan's real GDP posted a 1.1% y/y growth rate, the slowest level since 1995, excluding 0.1% y/y growth in 2011. Non-oil GDP, constrained by 13.4% y/y contraction in construction, grew 1.1% y/y in 2015, the lowest rate since the start of record keeping on non-oil GDP growth rates in 2000. Transportation and storage was another sector that had a negative contribution to growth, while trade (+10.9% y/y), manufacturing (+7.7% y/y), and agriculture (+6.6% y/y) were the main drivers of growth. Oil GDP grew 1.2% y/y in 2015, recovering from the low base of the previous year and posting the highest growth rate of the last 5 years. Falling oil prices and radical devaluations in 2015 resulted in GDP in nominal US$ terms in Azerbaijan to contract from US$ 75.2bn in 2014 to US$ 53.0bn in 2015 (-29.6%). This has resulted in a decline in GDP per capita from US$ 7,936 in 2014 to US$ 5,559 in 2015.
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