13:11 - 26.12.2019

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December 26, Fineko/abc.az. Azerbaijan's GDP growth in 2019 exceeded 2% for the first time in the last 5 years, while the growth of non-oil GDP reached 3.5% and exceeded the pace of economic growth in the world.

ABC.AZ reports that the statement was made by Vusal Gasimli, the executive director of the Center for Analysis of Economic Reforms & Communications at a press conference held by ruling party Yeni Azerbaijan.

He noted that the ongoing reforms in the country related to the development of entrepreneurship, as well as management reforms, a revolutionary social package, favorable oil prices at world markets and investments in the non-oil sector accelerate economic growth.

"The growth of the main drivers of the economy for the past 11 months of 2019 made up 13.9% in the non-oil industry, 11.3% in crop production, 15.9% in ICT services, 11.1% in tourism (an increase in the number of tourists).

Economic growth is projected to reach 3% in 2020 for the first time in 6 years, 3.7% in 2021, 3.1% in 2022, and 3.2% in 2023. Economic growth in the trading partner countries of Azerbaijan will average 1.3% in 2019, and 2.5% in 2020 (non-oil export weight) and the excess of oil prices provided for in the macroeconomic forecasts, along with the ongoing reforms, will have a positive impact on the economy of Azerbaijan," Gasimli said.