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Azerbaijan’s Economic Growth Slows to 1% in First 10 Months

Nov. 15 (Bloomberg) -- Azerbaijan’s economy slowed in the year through October as oil output in the former Soviet Union’s third-largest crude producer shrank.

Gross domestic product advanced 1 percent from a year earlier, compared with a 1.1 percent increase in the first nine months, according to data published today on the website of the State Statistics Committee, based in the capital, Baku.

While GDP related to the oil industry shrank 7.4 percent, output in the rest of the economy surged 10.4 percent, the committee said.

Azerbaijan’s economy expanded 0.1 percent last year as growth in industries such as construction compensated for declining oil output. Oil output, which trails only Russia and Kazakhstan among ex-Soviet nations, fell 7.7 percent to 36 million metric tons in the first 10 months, while production of marketable natural gas increased 6.8 percent to 14.4 billion cubic meters, according to the committee.

Consumer prices advanced 1.3 percent as food, and services costs rose, it 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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