Minister: Azerbaijan's nominal GDP to exceed $50bn

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the country's nominal GDP is forecasted to exceed $50 billion as of 2021.

He made the remarks during the Azerbaijani-Turkish-Georgian business forum held in Baku on December 14.

The minister underlined that Azerbaijan had already ensured the achievement of the goals set within the economic development strategy for 2022-2026.

Noting that Azerbaijan's GDP grew by 5.3 percent during the first 11 months of 2021, Jabbarov added that the volume in the non-oil sector grew by 6.4 percent.

"The export volume of non-oil products grew by 44 percent in the reported period. We predict that this dynamics will continue until late 2021," he said.

Earlier, the minister said that according to the ministry’s forecasts, Azerbaijan's GDP growth will exceed 5 percent by late 2021.

Azerbaijan is entering a new stage of development, which will cover 2022-2030. The primary tasks set up are sustainable economic growth, financial stability of the national economy and the restoration of liberated territories.

Various international institutions have forecasted the GDP growth in Azerbaijan for 2021. Thus, the World Bank forecasted the country's GDP growth rate to rise to 5.0 percent, the Asian Development Bank forecasts the 2.2-percent GDP growth and Fitch Solutions forecasts that Azerbaijan’s economy will grow by 2.5 percent in 2021.