Minister: National GDP up by 6.8 pct

By Azernews

Azerbaijani Economy Minister Mikayil Jabbarov has said that the country's gross domestic product (GDP) increased by 6.8 percent in the last quarter of 2022.

"As a result of the implemented economic reforms, the last quarter GDP increased by 6.8 percent, compared to the same period of the previous year, and amounted to almost AZN 30.04 billion ($17.6bn)," he wrote on his official Twitter page.

Moreover, the minister stated that the revenues from the lease of state-owned real estate to the state budget increased by 76.5 percent.

"Revenues from the lease of state-owned real estate to the state budget in January-March of this year increased by 76.5 percent, compared to the same period last year, and amounted to AZN 6.3 million ($3.7m)," he wrote.

Taking into account that the world just now is entering the post-pandemic period, Azerbaijan’s economic growth of 6.8 percent can be viewed as a tremendous achievement. During the reported period, the positive balance of foreign trade turnover exceeded $5 billion and the foreign debt was reduced by more than $600 million.

At the same time, Azerbaijan’s non-oil economy has grown by more than 10 percent, growth in industrial production is about 4 percent, and in non-oil industrial production, it is more than 18 percent. These figures show that the country achieves diversification of the economy and reduces dependence on the oil and gas sector.

Earlier, the Azerbaijani government has set a task of sustainable diversification of the economy. 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 is planned to double by 2025.