Azerbaijan's GDP in non-oil sector up for 2012-2021

Economy Materials 22 July 2022 14:57 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, July 22. The average annual GDP in the non-oil sector of Azerbaijan’s economy grew by 3.5 percent from 2012-2021, Trend reports via "Strategy for socio-economic development of Azerbaijan for 2022-2026".

According to the strategy, as a result of the structural and institutional reforms implemented in Azerbaijan, the structure of the national economy has changed.

"Thus, GDP in the non-oil sector increased from 25.4 billion manat ($14.9 billion) in 2011 to 57.8 billion manat ($34 billion) in 2021, and the share of the non-oil sector in GDP increased from 48.8 percent in 2011 to 62.2 percent in 2021,” the strategy said. “In 2021, the non-oil industry, which is the driver of the sector's economic growth, increased by 2.3 times, agriculture - 1.5 times, and the field of information and communication - 2.4 times compared to 2011.”

“The number of tourists who visited Azerbaijan has grown from 1.6 million people in 2011 to 2.9 million people in 2019," the document noted.

Besides, according to it, as a result of the targeted policy pursued in Azerbaijan, the share of the private sector in the non-oil sector has increased significantly.

"As a result of successful structural and institutional reforms, the share of the private sector in GDP in 2019 was 85 percent, although due to the COVID-19 pandemic in 2020 this figure dropped to 80.8 percent, and already in 2021 it exceeded 83 percent,” the strategy also noted.

“The private non-oil investments have become the main driver for development in the private sector. Their share in the total volume of non-oil investments in 2021 reached 44.6 percent," added the strategy.