Azerbaijan’s Economic Growth Accelerates in First Nine Months

Azerbaijan’s economic growth accelerated in the first nine months of the year despite a decline in oil production.

The Caspian Sea nation’s gross economic product rose 1.1 percent from a year earlier, compared with 0.5 percent in the same period in 2011, the State Statistics Committee in Baku said today on its website. The non-oil economy grew 10.3 percent, it said.

Crude production fell 7.8 percent to 32.7 million tons in the first nine months of the year, State Oil Co. of Azerbaijan, or Socar, said on its website Oct. 9.

Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, saw its economy expand 0.1 percent last year and 5 percent in 2010.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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