BAKU, Azerbaijan, May 6
By Fidan Babayeva - Trend:
The reintegration of the Nagorno-Karabakh region into the Azerbaijani economy in the medium term will have a positive impact on the formation of non-oil GDP in the amount of 5.1 percent, Ramil Huseyn, executive director of the Azerbaijani Center for Analysis of Economic Reforms and Communication, told Trend.
“The restoration of agricultural activity, especially in the territories liberated from the Armenian occupation, may lead to an increase of 10.4 percent in this sphere,” he said.
"The dynamic growth of the non-oil sector during the next three years will stimulate the growth of export of non-oil goods,” Huseyn said. “It is necessary to take into account the fact that the world’s reputable financial institutions give forecasts for the economic growth of Azerbaijan during the next three years.”
“The reputable financial institutions’ forecasts show that the sectors in Azerbaijan that have been greatly affected as a result of the COVID-19 pandemic, will also demonstrate economic growth,” executive director said.
“At the same time, the opportunities will be created for the development of the tourism sector of the liberated lands,” Huseyn said.
Azerbaijan's GDP decreased by 1.3 percent from January through March 2021 compared to the same period of last year, amounting to 18.9 billion manat ($11.1 billion).
At the same time, value added in the oil and gas sector decreased by 7.3 percent while in the non-oil sector - increased by 2.1 percent.
GDP per capita from January through March 2021 amounted to 1,891.1 manat ($1,112.4), which is by 1.8 percent less compared to the same period of last year.
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