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Deputy Minister: Azerbaijan’s non-oil sector to maintain increase at average level of 8 percent in coming years

Business Materials 12 November 2013 19:52 (UTC +04:00)
A stable development will be observed in Azerbaijan’s non-oil sector in coming years compared to the oil sector.
Deputy Minister: Azerbaijan’s non-oil sector to maintain increase at average level of 8 percent in coming years

Baku, Azerbaijan, Nov. 12
By Ilkin Izzet- Trend: A stable development will be observed in Azerbaijan's non-oil sector in coming years compared to the oil sector, Deputy Minister of Economy and Industry Sevinc Hasanova said speaking at the discussion of budget package in Milli Mejlis (parliament) of Azerbaijan.

According to the prognosis, Azerbaijan's economic growth rate will be equal to 5.2 percent in 2014. The average annual growth in subsequent three years is expected at the level of 5.5 percent.

"The volume of oil production is anticipated at the average level of 40.5 million tons, while gas production volume (including the injection to reservoir) is expected to be equal to 27.4 billion cubic meters. The growth of non-oil sector is expected at the level of 10 percent and this figure will averagely increase by over eight percent in subsequent three years. As a result of this, over 72 percent of GDP in 2017 will be formed namely in non-oil sector," the Deputy Minister said.

According to the prognosis of oil producing countries and international organizations, oil prices in Azerbaijan's state budget for 2014 was accepted at the level of $100 per barrel and for the subsequent three years at $80 per barrel, Hasanova said.

"It is planned to keep the exchange rate of manat at a stable level in coming years and the growth rates of inflation is anticipated at the level of 3-4 percent," the Deputy Minister added.

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