GDP growth provided by non-oil sector in 2012: minister
By Nigar Orujova
Growth of gross domestic product in Azerbaijan in 2012 like in the previous year was entirely provided by the non-oil sector and was at 2.2 percent, Economic Development Minister Shahin Mustafayev has said.
Mustafayev was speaking at a cabinet meeting devoted to the outcomes of Azerbaijan's social and economic development in 2012 and challenges for 2013, which was presided by President Ilham Aliyev on Tuesday.
The growth of the non-oil economy last year was at 9.7 percent. Its share in GDP rose to 52.7 percent.
The Azerbaijani non-oil industry grew by 7.8 percent in 2012 as a result of the industrialization policy, Mustafayev noted.
The minister said commissioning some 100 industrial enterprises in 2012, including heavy machine building plants, the Ganja aluminum plant, cement plants in Nakhchivan and Garadagh, plants for sorting and incineration of solid waste, etc. as well as the continuing construction of over 90 industrial enterprises play a significant role in the development of the domestic non-oil sector.
According to Mustafayev, the work within the industrial policy, including construction of gas and petrochemical facilities, shipbuilding and urea plants, and a complex for the production of steel will continue in the coming years.
"Electricity generation in the country grew by 6.9 percent; construction of power lines, installation of gas lines in residential areas and their capital repair continued. In the alternative and renewable energy sector, Azguntex solar panels as well as Fuzuli and Gusar-1 hydropower stations were commissioned," Mustafayev said.
According to Mustafayev, the volume of information and communication services grew by 15.9 percent, while transportation by 3.5 percent, including the non-oil cargo by 3.5 percent, and retail trade by 9.6 percent. Inflation rate was 1.1 percent.
Over 11 months of 2012 Azerbaijan's foreign trade turnover with 152 countries totaled $39.5 billion. The foreign trade balance was positive and amounted to $22.6 billion. Non-oil exports grew 11.2 percent. Strategic currency reserves amounted to $46 billion, which exceeds the external debt 10-fold.
According to the minister, revenues of the consolidated budget were executed by 101 percent and amounted to 22.1 billion manats ($28 billion), while expenses were fulfilled at 93.9 percent and totaled 19.6 billion manats ($25 billion); the surplus exceeded 2.4 billion manats ($3 billion).
The budget revenues were executed at 101.4 percent and totaled 17.3 billion manats ($22 billion), which is 10.1 percent more than in 2011. Expenditure was executed in the amount of 17 billion manats ($21 billion) or 96.2 percent.
The minister also said investments in the Azerbaijani economy amounted to 22.1 billion manats ($28 billion), 13.3 billion manats ($16 billion) of which fell to domestic investment and 8.8 billion manats ($11 billion) accounted for foreign investment.