The proportion of non-oil sector of Azerbaijan's GDP to reach 80 percent for 10 years
Azerbaijan, Baku, Dec 21 /Trend E.Ismayilov/
The main challenge that the government of Azerbaijan faced is increase of the country's GDP twice in the next 10 years and increasing of non-oil sector share in GDP to 80 percent, Minister of Economic Development Shahin Mustafayev said at a conference on The Politics of Modernization: the new economy and social challenges.
Mustafayev noted that, it will be possible due to the comprehensive promotion of innovative development, the creation of industrial zones, the expansion of production based on modern technology.
"It requires the production of competitive export-oriented products based on advanced technologies, increased use of new techniques in agriculture and other measures," Mustafayev said.
Azerbaijan's GDP by 0.2 percent, amounting to at current prices 45.5 billion manat In January-November 2011 compared to the same period in 2010. The nominal GDP growth stood at 19 percent.
GDP, falling per capita amounted to 5026.3 manat ($6362.4).
Non-oil sector increased by 9.5 percent per year and amounted to 21.5 billion manat, and oil and gas sector declined by 9.1 percent.