Azerbaijan may be among top 50 countries in world for GDP per capita

Business Materials 24 May 2012 14:00 (UTC +04:00)

Azerbaijan, Baku, May 24 /Trend A.Akhundov/

Azerbaijan could become the second post-Soviet country after Estonia which entered the list of top 50 countries in terms of GDP per capita, MP Ali Masimli said in an interview published in the newspaper Taxes - an official publication of the Ministry of Taxes.

The GDP per capita in Azerbaijan amounted to 5530.6 manat ($7003.4) in 2011.

"We need to ensure a GDP growth by eight to 10 per cent per year to achieve this. We shall increase the share of investment in GDP to 40 per cent for it," Masimli said. He noted that a certain slowdown in GDP growth over time is natural.

"The government predicts overall economic growth in the country at 5.7 per cent. A certain slowdown in GDP growth over time is natural. This, in addition to a number of objective reasons is also associated with a relative decline in oil production.

"Given the level of population growth, GDP in Azerbaijan has increased by at least four per cent, or stagnation would be observed in the economy. The government pays special attention to the development of the non-oil sector in order to avoid the negative processes. It resulted in an increase in government revenue from the oil sector by 7.7 per cent," Masimli said.

According to the State Statistics Committee, Azerbaijan's GDP grew by 0.1 per cent in current prices and amounted to 50.1 billion manat in 2011. The non-oil sector has increased by 9.4 per cent in 2011 and amounted to 48.3 per cent of GDP. The share of oil and gas sector and processing industries was 51.7 per cent of GDP, while the output reduced by 9.3 per cent.

Azerbaijani GDP grew by 0.3 per cent (1.09 billion manat) in January - April 2012 compared to the same period last year, amounting to 16.63 billion manat at current prices. Nominal GDP growth in January - April of this year amounted to seven per cent compared to the same period last year. The GDP per capita was 1820 manat ($2314.6).

The non-oil sector has increased by 9.5 per cent over the same period last year and amounted to 42.5 per cent of GDP. The share of production and processing of oil and gas industry amounted to 57.5 per cent of GDP with an annual decline of production in this sector by 6.4 per cent.

Official exchange rate on May 24 is 0,786 AZN / USD