Minister: Share of Azerbaijani economy exceeds 83 percent among South Caucasus countries

Share of the Azerbaijani economy among the South Caucasus countries in the first half exceeded 83 percent, Azerbaijani Economic Development Minister Shahin Mustafayev said at a meeting with buyers and producers of competitive industrial products, held in Sumgayit industrial park on Saturday."So, if today Azerbaijan's GDP is $28.4 billion, Georgia's GDP hits $3.5 billion, Armenia's GDP - $2.2 billion," Mustafayev said. "Thus, GDP, accounting for Azerbaijan's non-oil sector is higher than total GDP of both countries," he said.

The minister said that the non-oil sector in Azerbaijan has increased by 8.5 percent in January-August 2011. Foreign trade turnover increased by 32 percent and reached $24 billion, where the share of exports accounted for $18 billion.

"The development is observed in all spheres of country's economy and confirmation of this is that in the next rating of Forbes, Azerbaijan ranked the first for the business environment among the CIS countries," said Mustafayev.

The growth in non-oil sector of the country is recorded in spheres such as industry (107 percent), weaving (114.7 percent), wood (111.6 percent), paper and paperboard (130.5 percent), chemicals (153.2 percent), electrical equipment (125.4 percent).


/Trend/