Azerbaijani construction sector helps to boost economic growth

Economic development

Positive changes in Azerbaijan’s main macro-economic indicators (reflecting changes in the country’s social and economic development) were observed in both January and February 2014.

According to data released by the State Statistical Committee of the Republic of Azerbaijan, gross domestic product (GDP) totalled AZN8.5 milliard in January – February 2014, a 1.6% y/y increase compared to the same period a year earlier. 50% of value added was created in the field of industry, 8.8% in the construction sector, 11.6 % in trade and paid services, 6.3% in transport, 1.9% in communication enterprises, 2.5% in agriculture and 11.9% in other fields.

Construction

Approximately AZN1824.6 million was used for the implementation of construction works in the country in January – February 2014, a 7.9 % y/y rise compared to the corresponding period in 2013. During the reporting period, AZN1145 million was invested in building and assembly jobs, a 28.1% y/y increase compared to January – February 2013. 70.7% (AZN1290.2 million) of fixed assets were used in the construction of production facilities.

January and February 2014 saw the construction of approximately 222 900 m² of new dwellings. Government investment in public service infrastructure resulted in the construction of new secondary schools (with 660 places for pupils), pre-school institutions (270 places), a hospital (200 beds), a health centre in Baku city, a paper and cardboard factory, an oil factory and a copper processing plant in the Gabala region. Furthermore, January – February 2014 saw the construction of sports facilities such as the Olympic Sport Complex and Youth Centre and completion of the first stage of the Tufan Alpine Skiing Summer and Winter Recreation Complex in the Goy-Gol region.

Edited from various sources by Rosalie Starling

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