Azerbaijan's real GDP up by 5.6 pct

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has stated that Azerbaijan's real GDP increased by 5.6 percent in 2021.

In the post on his official Twitter page, the minister noted that the non-oil sector increased by 7.2 percent last year.

"We reached higher results in the non-oil sector, which is a priority area of our economy," he wrote.

Jabbarov noted that according to the International Monetary Fund's October forecast, a 5.9 percent growth was expected in the global economy and 6.4 percent growth in the economies of developing countries last year.

Earlier, Energy Minister Parviz Shahbazov said that Azerbaijan’s gross domestic product (GDP) had increased more than three times over the past 18 years.

It is noteworthy that Azerbaijan is entering a new stage of development, which will cover 2022-30. The primary tasks set up are sustainable economic growth, financial stability of the national economy and the restoration of liberated territories.

In January, the World Bank forecasted Azerbaijan’s real GDP growth to stand at 3.1 percent and 2.7 percent in 2022 and 2023. In addition, Russian Gazrpombank forecasted Azerbaijan's GDP to stand at 4.5 percent in 2022.