Azerbaijan’s economic growth accelerated in 2012 as a surge in non-energy industries overcame a decline in oil production.
The Caspian Sea nation’s gross domestic product expanded 2.2 percent last year, compared with 0.1 percent a year earlier, President Ilham Aliyev told a Cabinet meeting broadcast late yesterday on state television channel AzTV. The non-oil economy grew 9.7 percent, he said.
Crude output in the third-largest oil producer in the former Soviet Union fell 3.7 percent to 43.9 million metric tons in 2012, Rovnaq Abdullayev, president of State Oil Co. of Azerbaijan, or Socar, said on Dec. 30. Natural gas production rose 8.3 percent to 27.9 billion cubic meters, he said.
Information and technology services expanded 15.9 percent in 2012, Economic Development Minister Sahin Mustafayev told the Cabinet meeting.
Inflation slowed to 1.1 percent last year from 7.9 percent the year before, Mustafayev said.