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Azerbaijani minister: Non-oil sector to fetch 70 percent of GDP

13 November 2012 20:00 (UTC+04:00)
Azerbaijani minister: Non-oil sector to fetch 70 percent of GDP

The share of non-oil sector in Azerbaijani GDP will surpass 70 percent in the medium term, Economic Development Minister Shahin Mustafayev said during discussions of the bill on the state budget for 2013 and the next three years in parliament on Tuesday.

"In 2013 and the next three years, the average annual growth of Azerbaijani economy is projected at 5.3 percent, which will be achieved mainly due to the growth of non-oil sector. Growth of non-oil GDP in 2013 is expected to reach 11.7 percent, and in the following three year - an average of seven percent. As a result, in the medium term, the share of non-oil production in the country's GDP will rise from 47.6 percent to 70.6 percent, the share of the oil sector, respectively, will decrease from 52.4 percent to 29.4 percent, "Mustafayev said.

According to forecasts in 2013-2016 revenues of Azerbaijan will increase on average by 6.6 percent a year.

Mustafayev said the price of oil in 2013 is set at the level of $100. Next year the rate of U.S. dollar is accepted as 0.785 manat, the inflation rate is projected at 5.7 percent.

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