Minister: Share of non-oil sector in Azerbaijan’s GDP exceeds 70 pct

27 January 2021 11:20 (UTC+04:00)

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By Ayya Lmahamad

The share of the non-oil sector in Azerbaijan’s GDP exceeds 70 percent, Economy Minister Mikayil Jabbarov wrote on his official Twitter page.

Jabbarov underlined that measures are being taken to further diversify the country’s economy in accordance with the economic roadmap by President Ilham Aliyev.

Earlier, the minister stated that revival of Karabakh and integration of the region’s abundant natural resources into the economic system of the country will give a serious impetus to the development of the non-oil sector.

In 2020, Azerbaijan increased the volume of production in the non-oil and gas sector by 12.5 percent. Industrial enterprises and individual entrepreneurs, operating in this sector, produced industrial products worth AZN 37.1 billion ($21.8bn). In the meantime, investments in the non-oil and gas sector in the country decreased by 12.3 percent during the reported year.

It should be noted that the Azerbaijani government has allocated AZN 2.2 billion ($1.3bn) for reconstruction works in the liberated territories in 2021.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad