BAKU, Azerbaijan, December 23. Azerbaijan's GDP has grown 3.4 times since 2003, Executive Director of the Center for Economic Reforms Analysis and Communication Vusal Gasimli said on December 23, Trend reports referring to the organization.
In 2021, the gross domestic product (GDP) output in the non-oil and gas sector increased by 3.1 times, industrial production – by 2.7 times, while the non-oil and gas industry – by 3.6 times against 2003.
"During this period, there has been significant growth in other economic sectors: agricultural production has doubled, freight traffic has increased 1.8 times, passenger traffic has grown 1.3 times, and the information and communication services have risen 15.4 times," he said.
Gasimli noted that investments played a significant role in the growth of the country's economy.
"From 2003 through 2021, fixed capital investments increased 2.7 times, including construction and installation work – 4.1 times. A total of $288.9 billion have been invested in Azerbaijan from 2004 through 2021. Given the 2021 indicators, about $300 billion have been invested in the country since 2003. Foreign investments have risen 2.2 times, whereas investments in non-oil and gas industries – 7.2 times," he added.
According to Gasimli, foreign investments in Azerbaijan amounted to $142 billion, while investments in the country's non-oil sector totaled $179.5 billion from 2004 through 2021.
"Azerbaijan's total investment in the economies of other countries reached $28.3 billion from 2004 through 2021. Meantime, lending to the economy increased 25.5 times," he stressed.