Azerbaijan’s Gross Domestic Product (GDP) shrank 3.2 percent in January-February 2021 from a year earlier,  according to the State Statistical Committee.

Growth on the non-energy related sector fell by 7.5 percent, and the the oil and gas sector by 0.4 percent.

Energy exports make up about half of Azerbaijan’s revenues. Taking into account the COVID-19 pandemic, a decisive victory during the 30-year war with Armenia, and depressed 2020 crude prices, data suggest the country’s economy remains robust.