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Economy Minister announced inflation index for next year - Parliament

12.11.2019,16:45


November 12, Fineko/abc.az. The non-oil industry is of particular importance in realizing the export potential.

ABC.AZ reports that the relevant statement was made by Economy Minister Mikail Jabbarov during today's budget discussions at Milli Majlis.

The minister pointed out that next year significant growth is expected not only in the oil and gas industry, but also in the nonoil sector.

"GDP will grow by 3% next year and by 3.3% in the following years. We expect inflation to be around 4.6% next year and around 4% in the next few years. In 2020 the oil & gas sector is expected to grow by 1.6%, and in subsequent years by 3%. For the first 9 months of this year the value added in the nonoil industry increased by 16.6%. Next year the agricultural sector is expected to grow by 4.8% and in the next 3 years by an average of 4.3%," the minister emphasized.

Touching upon the topic of the shadow economy in Azerbaijan, Jabbarov spoke about the ongoing reforms: "In order to implement the forecasts for next year, it is important to improve the business environment, suspend inspections in the sphere of entrepreneurship and continue other actions. As a result of the work done in the nonoil sector, there is an increase from year to year. This trend is expected to continue in the coming years."