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BAKU, Jan 17 (Reuters) - Azerbaijan’s gross domestic product (GDP) increased 0.1 percent in 2017, the state statistics committee said on Wednesday, missing a government forecast of 1 percent due to falling oil production.
Azerbaijan has joined Russia and other leading oil producers in limiting output as part of an effort to prop up crude prices, which plunged to multi-year lows in 2016 but have increased more than 50 percent since mid-2017.
Crude and gas production accounts for 45 percent of GDP and around 75 percent of state revenues in Azerbaijan. Azeri oil output fell 5.5 percent year-on-year to 38.78 million tonnes in 2017, the statistics committee said earlier on Wednesday.
Azeri GDP shrank by 3.8 percent in 2016 but is seen increasing 1.5 percent this year due to higher oil prices.
Reporting by Nailia Bagirova; Writing by Polina Ivanova and Jack Stubbs; editing by John Stonestreet