BAKU, Azerbaijan, Sept.9
By Zeyni Jafarov - Trend:
Diversification of economy will remain one of the main strategic economic priorities of Azerbaijan in the coming years, Trend reports on Sept.9 citing the Ministry of Finance.
According to the ministry’s preliminary data, it’s expected that due to the increased role of the non-oil sector as the main source of economic growth, a steady increase in the share of non-oil revenues in the state budget will also be achieved.
According to forecasts of the Ministry of Economy of Azerbaijan, by 2025 the share of the non-oil sector in the structure of GDP will be 72.9 percent, and the oil sector - 27.1 percent.
Projected volume of Azerbaijan's GDP for 2021-2025 and the share of the non-oil and oil sectors in GDP:
|
Year |
GDP volume |
Share and volume of non-oil sector in GDP |
Share and volume of oil sector in GDP |
|
2021 |
82.2 billion manat ($48.38 billion) |
55.1 billion manat or $32.43 billion (67 percent) |
27.1 billion manat or $15.95 billion (33 percent) |
|
2022 |
87.5 billion manat ($51.5 billion) |
59.6 billion manat or $35.08 billion (68.1 percent) |
27.9 billion manat or $16.42 billion (31.9 percent) |
|
2023 |
92.4 billion manat ($54.38 billion) |
64.5 billion manat or $37.96 billion (69.8 percent) |
27.9 billion manat (30.2 percent) |
|
2024 |
97.9 billion manat ($57.62 billion) |
69.5 billion manat or $40.91 billion (71 percent) |
28.4 billion manat or $16.72 billion (29 percent) |
|
2025 |
102.6 billion manat ($60.39 billion) |
74.8 billion manat or $44.03 billion (72.9 percent) |
27.8 billion manat or $16.36 billion (27.1 percent) |
In the first seven months of 2021, Azerbaijan’s GDP has grown by 2.7 percent and amounted to 47.3 billion manat ($27.84 billion), while in the same period of last year this figure was 40 billion manat ($23.5 billion).
At the same time, GDP in the non-oil sector has grown by 5.3 percent and amounted to 30.2 billion manat ($17.78 billion) against 27.5 billion manat or $16.2 billion recorded from January through July of last year.
(1 USD = 1.7 AZN on Sept.9)
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