By Rasana Gasimova
Azerbaijan has been developing non-oil sector of its economy. Economic indicators clearly demonstrate that the reforms carried out in this sphere are effective.
For the past 10 years, the volume of the non-oil sector in Azerbaijan’s GDP increased by 2.8 times, while the total GDP increased by more than three times, Tahir Budagov, the Chairman of the State Statistical Committee said at a press conference held on October 1, Trend reports.
Budagov said that the volume of various production areas also increased during the reporting period.
"Particularly, this indicator increased by 2.6 times in the field of industrial production during the reporting period; this includes an increase of 2.4 times in the oil & gas sector. The amount of funds allocated to fixed assets increased by more than three times, including funds allocated for construction and installation works that increased 4.6 times. The volume of cargo transportation increased by 2.1 times, whereas the volume of passenger transportation increased by 2.2 times. The volume of communication and information services increased by 12.3 times,” Budagov said.
He noted that over the indicated period, the state budget revenues grew 8.14 times, and the volume of expenditures increased by the same amount.
“Nominal incomes of the population grew 9.4 times, bank deposits of citizens increased 9.2 times, and lending to the economy increased 19.4 times. At the same time, the average salary of citizens increased seven times, and the average level of pensions increased 6.3 times,” Budagov added.
As for current economic indicators, the GDP growth in Azerbaijan amounted to 2.2 percent in January-May 2019 compared to the corresponding period in 2018.
According to the State Statistics Committee, 46 percent of GDP production accounts for industry, 9.9 percent - for trade, 6.4 percent - for transport and warehousing, 5.9 percent - for construction, 3.7 percent - for agriculture, forestry and fishing, 2.6 percent - for tourists accommodation and public catering, 1.8 percent - for information and communications, and 14.4 percent - for other spheres.
Considering the forecasts on the country’s economy in 2019, World Bank and EBRD forecast approximately equal figures for GDP growth - 3.3 and 3.5 percent, respectively. Forecast figures of Fitch agency coincide with predictions of EBRD. IMF forecasts that the growth rate of the Azerbaijani economy will be 3.4 percent in 2019.
Meanwhile IMF and WB forecast 3.1 and 3.5 percent, respectively, of GDP growth in Azerbaijan in 2020, while ADB expects 2.7 percent.
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