Statistical Committee of Azerbaijan (AzSTAT) announced GDP growth at 2.1% in 1H14; output grew at 5% in 1H13. Contraction in oil extraction, refinery, manufacturing of chemicals and base metals acted as a drag on the growth. Oil GDP contracted by 3.9%, while non-oil GDP growth at 7% was mainly driven by agriculture, services and construction. However, after a long period of double digit growth rate, construction sector grew by 9.6%, relatively slower growth compared to the recent performance. Agriculture was another factor driving growth at 5.8% rate. Overall forecasts for 2014 GDP growth rate range between 3.5 and 5.2%.