Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Azerbaijan’s Economic Growth Accelerated to 2.2% Last Year

Jan. 16 (Bloomberg) -- 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.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.