OREANDA-NEWS. January 08, 2010. Growth rate of Azerbaijan’s non-oil sector begins reducing to formal indicators.

In August 2009 domestic non-oil sector ceased playing the role of engine of country’s economy and in September was observed GDP growth first time since 1999 with year-on-year drop of less than 1% (0.8%).

Following 2008 non-oil GDP growth (+15.7%) exceeded for the first time the rise of country’s overall GDP (10.8%) due to tendency started since August 2008. But since August 2009 this tendency has not been observed more.

Even growth in October 2009 (1.1%) cannot provide it.

The Central Bank of Azerbaijan (CBA) reports that by 1st December 2009 country’s non-oil GDP made AZN 13.227 bn (including AZN 1.198 bn in November, AZN 1.35 bn in October versus AZN 1.17 bn in September, AZN 1.186 bn in August, AZN 2 bn in July, AZN 1.3 bn in June, AZN 827.5 million in May, AZN 1.015 bn in April and AZN 1.469 bn in March of 2009) that is by 1% more versus the indicator by 1st December 2008 (AZN 12.206 bn).

At the same time for Jan-Nov 2009 overall GDP made AZN 29.65 bn (including AZN 3.006 bn in November, AZN 3.22 bn in October, AZN 2.799 bn in September, AZN 3.29 bn in August, AZN 3.048 bn in July, AZN 2.9 bn in June, AZN 2.37 bn in May, AZN 2.25 bn in April and AZN 2.88 bn in March 2009) with 9% growth (the indicator was AZN 34.66 bn by 1st December 2008).

For Jan-Nov 2009 non-oil GDP declined to 44.6% of overall GDP versus 45.1% in October, 45.57% in September, 46.06% in August, 47.9% in July, 46.99% in June, 47.4% in May, 50.74% in April, 52.6% for Jan-March 2009 and 38.81% for 2008.

This November non-oil GDP was 39.9% of overall GDP versus 42% in October, 41.96% in September, 36.04% in August, 65.7% in July, 45.2% in June, 34.9% in May, 45% in April, 50.98% and 59.4% in February of 2009.

Non-oil GDP growth exceeded overall GDP rise for the last 12 months successively (August, September, October, November, December of 2008, and Jan-Jul of 2009).

Exchange rate by early December 2009 was AZN 0.8025 to the US dollar. According to this rate, non-oil GDP reached USD 16.48 bn.