Azerbaijan's gross domestic product shrank by 3.9 percent year-on-year in January-September, Interfax news agency quoted the State Statistics Committee as saying on Monday, October 17.

Economic growth slowed to 1.1 percent last year from 2.8 percent in 2014, well below official forecasts, because of low oil prices and the devaluation of the national manat currency, Reuters reports.

The country forecasts 1.8 percent GDP growth in 2016.