BAKU, Azerbaijan, Jan. 24
By Anastasia Savchenko - Trend:
The contribution of Azerbaijan's non-oil sector to the GDP of Azerbaijan amounted to 54 percent in 2019, Trend reports with reference to a review of Gazprombank analysts.
The review notes that the growth rate of Azerbaijan's non-oil GDP was 3.5 percent on annualized basis.
According to the report, it was the non-oil sector that made it possible for the economic growth rate to increase by 2.2 percent year on annualized basis, while oil GDP added only 0.2 percent to the growth.
The review states that investments in the non-oil sector increased by 23 percent in 2019, compared to 2018, while in the oil sector the annual increase was 1.9 percent.
The review notes that Azerbaijan also maintains a leading position among the CIS countries in the ratio of international reserves (including the assets of SOFAZ, the State Oil Fund of Azerbaijan) to GDP, which exceeded 100 percent in 2019.
At the same time, according to Gazprombank estimates, SOFAZ assets increased by 16 percent in 2019, and total international reserves including assets of the State Oil Fund went up by 15.4 percent.
---
Follow the author on Twitter: @AnSav_2105