Baku, Azerbaijan, Sept. 13
By Eldar Janashvili - Trend:
In the first half of 2019, total production of Azerbaijan’s GDP has increased by 2.4 percent compared to the same period last year, Trend reports referring to Azerbaijan’s Finance Ministry.
In the non-oil sector, the production growth was 3.2 percent, according to the report.
According to the forecast compiled by the Ministry of Economy of Azerbaijan, it is expected that the growth trend will continue in 2020 and in the medium term. In particular, real GDP is expected to grow by 2.4 percent up to 82.7 billion manats. GDP growth in the non-oil sector is expected to grow 3.3 percent to 54.2 billion manats.
In the medium term, it is expected that Azerbaijan’s GDP growth will reach 3.8 percent in 2021, then drop to 2.7 percent in 2023. The volume of GDP in the next four years will reach 96.9 billion manats. The GDP deflator will grow 3 percent in 2021, and then drop to 1.8 percent in 2023.
According to sectors, in 2020, the share of GDP in agriculture and forestry, as well as fisheries is expected to reach 4.8 billion manats (5.8 percent of the specific share), in industry - 31.5 billion manats (38 percent), in construction – 6,5 billion manats (7.8 percent), in the services sector - 32.7 billion manats (39.5 percent). The share of net taxes on products and imports will amount to 7.3 billion manats, or 8.8 percent of the specific share.
Regarding the growth, in 2020, the GDP is expected to grow in the agricultural sector, including forestry and fisheries by 4.6 percent; industry - by 1.8 percent; trad and car repair - by 4.5 percent; hotels and catering - by 6 percent, transport and warehousing sectors - by 4.4 percent; information and communication sector - by 8.7 percent.
In the construction sector, a 2.6-percent decrease in GDP is expected.
(1 USD = 1.7 AZN on Sept. 13)