Minister: Real growth rate of non-oil, gas GDP totals 8.8 pct

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the real growth rate of non-oil and gas GDP amounted to 8.8 percent in January 2022.

He added that the real growth rate of non-oil and gas industrial production equaled 24.1 percent last month.

"As a result of support for economic activity and production of export-oriented products in the country, in January this year the real growth rate of non-oil and gas industrial production equaled 24.1 percent, compared to the same period last year, and the real growth rate of non-oil and gas GDP was 8.8 percent," he wrote on his official Twitter page.

Jabbarov also stated that the positive dynamics recorded in the VAT turnover in the non-oil sector last year reflects the transparency and legalization of the country's economy.

"The figure equaled 62.6 percent in services, 30.7 percent in trade, 28.7 percent in catering and 23 percent in industry," he wrote.

Earlier the minister that the share of non-oil industrial exports in the total non-oil exports was more than 67 percent in 2021. The export of non-oil products has increased by 47.2 percent, and reached the highest historical figure in 2021. 

Additionally, it was reported that Azerbaijan increased the volume of production in the non-oil and gas sector by 24.1 percent in January 2022.

A rise in the non-oil products export is an indicator of the Azerbaijani economy's sustainability, even during the pandemic.

The task is set of sustainable diversification of the economy, and in this regard, it is planned to develop a concept that will contribute to the growth of non-oil exports. The volume of the non-oil goods' export is planned to double by 2025.