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Azerbaijan’s non-oil sector to reach its peak in 2015

Analysis Materials 27 October 2011 18:37
The Azerbaijani government forecasts that an active policy of diversification of the economy, whose main is to develop the non-oil sector, will be continued in 2012 and the next three years.
Azerbaijan’s non-oil sector to reach its peak in 2015

Azerbaijan, Baku, Oct. 27 / Trend /

Trend Agency analytic centre head Ellada Khankishiyeva

The Azerbaijani government forecasts that an active policy of diversification of the economy, whose main is to develop the non-oil sector, will be continued in 2012 and the next three years.

Unlike 2009, when the growth of Azerbaijan's non-oil sector exceeded the oil sector growth by 4.1 percent, this difference will amount to 69.2 percent in 2012. Thus, the oil sector share in Azerbaijan's GDP is projected to reach 14.715.1 billion manat in 2012 and non-oil sector - 24.896.7 billion manat.

In 2015, the gap between the growth of Azerbaijan's oil and non-oil sectors increased by 2 times, in favor of the latter. Thus, the volume of non-oil sector in GDP will amount to 34.700.8 billion manat in 2015 and oil - 16.590.8 billion manat. The share of Azerbaijan's non-oil sector in the total GDP will amount to 61.2 percent in 2015. Whereas, the picture was quite the opposite in 2008, when the share of oil sector in GDP was 61.2 percent.

Azerbaijan aims to develop non-oil sector of the economy through the production of import-substituting products in the domestic market and exports to foreign markets.

The share of agriculture in GDP will be 6.8 percent in 2012 and keep the stable production at the same level until 2015. The share of non-oil industries in the country's GDP will grow from 4.9 percent projected for 2011 to 5.7 percent in 2015. The share of construction in GDP will also grow over the period from 10.7 percent to 12 percent.

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