Azeri Economic Growth Accelerates to 1.2% in First 11 Months

Azerbaijan’s economic growth accelerated in the first 11 months as a surge in non-energy industries overcame a drop in oil production.

Gross domestic product advanced 1.2 percent between January and November, compared with 0.2 percent in the year-earlier period, the State Statistics Committee, based in the capital, Baku, said today on its website. The non-energy economy grew 9.7 percent, while the oil and gas industries shrank 6.5 percent.

Crude output in Azerbaijan, the largest oil producer in the former Soviet Union behind Russia and Kazakhstan, dropped 7.4 percent in the first 11 months to 39.3 million metric tons, State Oil Co. of Azerbaijan, or Socar, said yesterday. Natural gas production grew 12 percent to 26.58 billion cubic meters.

The construction industry grew 23.1 percent and information technology services expanded 16.8 percent in the January- November period, the statistics committee said.

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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