Azerbaijani Minister: Seventy percent of GDP to be provided by non-oil sector

Azerbaijan, Baku, Nov. 13 / Trend A.Akhundov /

In the medium term, the share of non-oil sector in Azerbaijani GDP will surpass 70 percent.

The statement was made on Tuesday by the Minister of Economic Development Shahin Mustafayev during discussion of the bill on the state budget for 2013 and the next three years in parliament.

"In 2013 and the next three years, the average annual growth of Azerbaijani economy is projected at 5.3 percent, which will be achieved mainly due to the growth of non-oil sector. Growth of non-oil GDP in 2013 is expected to reach 11.7 percent, and in the following three year - an average of seven percent. As a result, in the medium term, the share of non-oil production in the country's GDP will rise from 47.6 percent to 70.6 percent, the share of the oil sector, respectively, will decrease from 52.4 percent to 29.4 percent, "Mustafayev said.

According to forecasts in 2013-2016 revenues of Azerbaijan will increase on average by 6.6 percent a year.

"The price of oil in 2013 is set at the level of $ 100, in the next three years - at 80 percent a year. Next year the rate of one U.S. dollar is accepted as 0.785 manat, the inflation rate is projected at 5.7 percent," Mustafayev said.