Non-oil component of Azerbaijan's GDP will increase by over 3 percent in 2014
Azerbaijan, Baku, Oct. 11 / Trend, E. Aliyev /
The non-oil component of Azerbaijan's GDP will hit 61.5 percent in 2014, or 3.1 percent more than the forecast for 2013 and by 8.8 percent more than 2012, the draft state and consolidated budget of Azerbaijan for 2014 and the next three years published by the Finance Ministry states.
According to macroeconomic forecasts and the social and economic development concept of Azerbaijan prepared by the Economic Development Ministry, in 2014 the real growth of the national economy will hit 5.2 percent in 2014, while the GDP volume at market prices will hit 58.6 billion manat.
According to forecasts, the GDP will decline in the oil sector by 1.5 percent in 2014, while the value added in the non-oil sector will increase by 10 percent compared to the current year and is expected to reach 36 billion manat.
"This means the development of the non-oil sector of the Azerbaijani economy will continue with an upward trend in 2014," the document says.
The private sector share of GDP in 2014 is projected to be 83.2 percent. The share of industry in GDP will hit 41.8 percent, mainly due to the oil and gas industry (its share in GDP will hit 36.4 percent).
The official exchange rate is 0.7844 AZN/USD on Oct. 10.