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Growth of Azerbaijan's non-oil sector reaches all-time high

Economy 18 January 2022 18:13
Growth of Azerbaijan's non-oil sector reaches all-time high

BAKU, Azerbaijan, Jan. 18

By Sadraddin Aghjayev - Trend:

The growth of Azerbaijan's non-oil sector has reached 20 percent in 2021, which is a record reached during all the years of the country's independence, Vusal Gasimli, Executive Director of the Azerbaijani Center for Analysis and Communication of Economic Reforms, said on Jan. 18, Trend reports.

Gasimli made the remark at the scientific-practical conference "Socio-economic results of 2021 and development prospects".

According to him, the growth of the world economy last year amounted to 5.5 percent, and the economy of Azerbaijan - 5.6 percent, which is the highest growth rate over the past eight years.

Meanwhile, the increase in value added in the non-oil industry equaled 7.2 percent, and in the oil and gas sector - 1.8 percent. Industry accounted for 42.5 percent of GDP production, which is 24.8 percent above the average global level.

"With the forecast for the growth of world trade in 2021 at the level of 10.8 percent, Azerbaijan's non-oil exports grew by 47.2 percent. Such an increase in non-oil exports is also a record figure," the CEO noted.

Besides, according to him, nearly 1.4 billion manat ($820 million) attracted to the budget by the tax authorities last year will be directed to social security of the population.

"The economic reforms in Azerbaijan are aimed at improving public welfare. In 2019, for a package of social reforms additional three billion manat ($1.7 billion) were allocated, and in 2020 - 600 million manat ($352.9 million),” he reminded. “In 2022, 1.5 billion manat ($880 million) will be allocated from the state budget for wages and social benefits of 2.1 million citizens," he added.

Gasimli also noted that post-conflict construction in Karabakh and East Zangazur [following the 2020 second Karabakh war] is rapidly proceeding.

"From the state budget for 2021, 2.2 billion manat ($1.3 billion) was allocated to restore the territories liberated from Armenian occupation [in the second Karabakh war], as well as to support individual businessmen in the newly created industrial zones,” he noted.

“The Ministry of Economy of Azerbaijan has received more than 900 business proposals for doing business in Karabakh," he stressed.

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