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Azerbaijan’s Economy Expanded 0.5% in First Two Months of 2012

March 14 (Bloomberg) -- Azerbaijan’s economy expanded 0.5 percent from a year earlier in the first two months of 2012, driven by growth outside of the energy industry.

The Caspian Sea nation’s non-energy economy grew 7.1 percent, generating almost 43 percent of gross domestic product, the State Statistics Committee said today on its website. The oil and natural-gas industries shrank 4.5 percent, it said.

Azerbaijan is the third-largest oil producer in the former Soviet Union. Its economy grew 0.1 percent last year.

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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