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Spotlight Article

Azerbaijan Economic Growth Accelerates to 3.1% in First Quarter

Zulfugar Agayev
April 15, 2013

Azerbaijan’s economy expanded 3.1 percent in the first quarter from 2012 as surging non-energy output outweighed a decline in oil and natural gas production.

The non-oil economy grew 11 percent in the first three months, the State Statistics Committee based in Baku, the Azeri capital, said today on its website. The Caspian Sea nation’s gross domestic product expanded 2.2 percent in 2012, compared with 0.1 percent a year earlier, the committee said in January.

Crude oil output fell 4.4 percent to 10.8 million metric tons and production of marketable natural-gas dropped 4.3 percent to 4.4 billion cubic meters, it said. Inflation slowed to 1.2 percent on an annual basis in the first three months from 3.1 percent a year earlier, the committee said.

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