Minister: Nation's non-oil GDP growth hits record high

By Azernews

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the gross domestic product (GDP) of the non-oil and gas sector increased by a record 10.3 percent in January-March 2020.

He stated that in the first quarter of the year the GDP of the non-oil and gas sector amounted to almost AZN 15.1 billion ($8.8bn).

"This is an important indicator of the accelerated recovery process in the Azerbaijani economy," he wrote on his official Twitter page.

Earlier it was reported that the country's gross domestic product (GDP) increased by 6.8 percent in the last quarter of 2022. Given that the world is only now entering the post-pandemic period, Azerbaijan's 6.8 percent economic growth is 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, 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 non-oil goods is planned to double by 2025.