Azerbaijan’s Economic Growth Accelerates to 2.8% in January

Azerbaijan’s economy expanded 2.8 percent in January compared with 0.8 percent a year earlier, the State Statistics Committee said.

The non-oil economy grew 8.8 percent, while production of crude and natural gas fell, the Baku-based committee said today on its website.

The Caspian Sea nation pumped 3.8 million metric tons of oil in January, down 3.1 percent from a year earlier. Production of marketable gas fell 4.7 percent to 1.5 billion cubic meters, it said.

Consumer prices grew 0.8 percent as service prices rose, the committee said.

Azerbaijan’s gross domestic product rose 2.2 percent last year, compared with 0.1 percent in 2011. The inflation rate slowed to 1.1 percent from 7.9 percent.

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