BAKU, Azerbaijan, May 24. The growth of Azerbaijan's economy was provided by the non-oil sector in 2022, Trend reports.
The Chamber of Accounts of Azerbaijan said the growth of the non-oil sector has created conditions for increasing state budget revenues in this sector.
"The main force of Azerbaijan's economy, as in the global economy, was domestic consumption and investment. The increase in energy prices on the world market affected all macro blocks of Azerbaijan's economy. The growth of state budget revenues in foreign currency led to savings in assets in the national currency," the Chamber said.
According to the Accounting Chamber’s data, there was an increase in the reserve currency according to the balance of payments last year. The acceleration of inflation in 2022 on a global scale affected Azerbaijan. Inflation has been imported to Azerbaijan to a large extent and has reached the highest levels in the last few years.
Thus, the growth of the Azerbaijani economy amounted to 4.6 percent last year.
"A significant increase in oil and gas prices in 2022 compared to 2021 led to a change in the share of the oil and gas and non-oil and gas sectors in the GDP structure. Therefore, the share of the oil and gas sector in GDP increased to 47.8 percent, and the share of the non-oil and gas sector amounted to 52.2 percent," the Accounting Chamber said.
Economic growth was achieved entirely at the expense of the non-oil and gas sector.