The hospitality and catering sector became the most dynamic sector of Azerbaijan’s economy by capital investments in Jan-May 2015.
According to the State Statistics Committee, in Jan-May 2015 AZN 260.4 million was invested in the sector that exceeded 5.7-fold the investments made during the same period last year.
“As a result, investments into public catering and hospitality services reached 4.1% of all investments in Azerbaijan, which totaled AZN 6.416 bn (+3.7%) in Jan-May,” SSC says.
By dynamic of investments the hospitality and catering services left behind evenr the communications sector, where investments grew 3-fold up to AZN 137.1 million.
For comparison, in Jan-May 2015 the sector’s added value reached AZN 623.3 million that is by 13.9% more than sectoral GDP (AZN 535.4 million) for Jan-May 2014. In May 2015 GDP in this sector totaled AZN 160.4 million against AZN 136.7 million in May 2014.
By 1 June the hospitality and catering sector left behind even the telecommunications sector on the economic importance, where GDP totaled only AZN 430.5 million with a rise of 10.6% compared to the 2014 same term (AZN 391.8 million).
Over Jan-May 2015 the volume of catering services in the country reached AZN 372.388 million, showing growth of 13.9%. In May the index totaled AZN 82.454 million.
By the reported term the real growth of Azerbaijan’s GDP (AZN 21.344 bn) made up only 5.3%.