Azerbaijan's GDP growth achieved through non-oil sector

GDP growth in 2011 was fully provided due to non-oil sector, which is a result of economic diversification and implementation of policies to minimise the dependence on the oil sector, economic development minister Shahin Mustafayev said at a meeting of the Cabinet, held under the chairmanship of President Ilham Aliyev and devoted to the socio-economic development of 2011.

The minister said the country's GDP growth was 0.1 per cent and its volume per capita has exceeded 7000 dollars which further strengthened the country's position in the list of those with high average incomes.

"The structure of economic growth in 2011 was different from previous years. The non-oil sector grew by 9.4 per cent, agriculture by 5.8 per cent, volume of services in telecommunications and information by 11.8 per cent, transportation by 3.6 per cent, including transportation in the non-oil sector by 9.6 per cent and money services to the population by 7.8 per cent," Mr Mustafayev said.

He went on to say that production grew by 11 per cent in the non-oil industry, by 7.1 per cent in the processing industry, 27.1 per cent the chemical industry, by 1.9 times in metallurgical industry, by 44 per cent in the production of construction materials, 8.4 per cent electricity production, 5 per cent manufacture of food products, 24.5 per cent furniture manufacturing, and 56.5 per cent the manufacture of clothes.

"The average annual inflation rate in Azerbaijan was kept at a single level and the rate of the manat remained stable. The ratio of external public debt to GDP ratio met international standards and was 7.3 per cent and strategic currency reserves exceeded $40 billion," the Minister said.

State budget revenue increased by 37.7 per cent to 15.7 billion manat, and expenses by 30.8 per cent to 15.4 billion manat, the budget was implemented with a surplus, Mr Mustafayev said.

State budget revenue provided by the Ministry of Taxes increased by 27.5 per cent and by the State Customs Committee by 3.6 per cent. Tax receipts for the non-governmental sector grew by 40.5 per cent and non-oil sector by 22 per cent.


/Trend/