GDP growth exceeds 2% first time in 5 years

16:25 - 26.12.2019


December 26, Fineko/abc.az. This year GDP growth in Azerbaijan exceeded 2% for the first time in the last 5 years and the production of non-oil GDP by 3.5% that is higher than the rate of world economic growth.

ABC.AZ reports that the statement was made by Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms & Communications, at a press conference held at the Executive Committee of ruling party Yeni Azerbaijan Partiyasi on the economic results of 2019.

He noted that the supply of business reforms, the demand for a revolutionary social package, management reforms increase the efficiency of institutions, accelerate economic growth in the face of rising favorable oil prices on world markets and investment in the non-oil sector. The growth of the main drivers of the economy for Jan-Nov 2019 made up 13.9% in the non-oil industry, 11.3% in crop production, 15.9% in ICT, and 11.1% in tourism.

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

 

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