Ministry: GDP average growth rate to exceed five per cent in Azerbaijan in medium term
Azerbaijan, Baku, Oct. 9 / Trend E. Aliyev /
Azerbaijani GDP average growth rate will reach 5.45 per cent in 2014-2017, the socio- economic development concept for 2014 and the next three years, announced by the Azerbaijani Ministry of Finance, said.
According to the macroeconomic forecasts and social and economic development concept prepared by the Azerbaijani Economic Development Ministry, real GDP growth is expected to reach 5.2 per cent in 2014. In 2015, the country's GDP volume is expected to reach 59.4 billion manat (5.8 per cent growth) in 2015 and 63.1 billion manat (4.8 per cent growth) in 2016. The country's GDP will reach 67.3 billion manat with six per cent growth in 2017.
According to the forecasts the oil sector share in the GDP will continue decreasing amid a growing non-oil sector share of the economy in the medium term.
In particular, the oil sector share in the country's GDP will decrease from 38.5 to 27.6 per cent in 2014-2017. In 2015, the figure will hit 32 per cent, while 29 per cent in 2016.
The non-oil sector share in GDP will increase from 61.5 per cent in 2014 to 72.4 per cent in 2017. It is expected that the non-oil sector share will reach 68 per cent in 2015 and 71 per cent of the GDP in 2016.
The official exchange rate is 0,7844 AZN/USD on Oct. 9.