Official: Azerbaijan's GDP up by 7.2 pct in 5M2022

By Azernews

By Ayya Lmahamad

Azerbaijan's Deputy Economy Minister Sevinj Hasanova has said that the country's GDP increased by 7.2 percent in January-May 2022.

She made the remarks during a discussion of the amendments to the law "On the state budget of Azerbaijan for 2022" at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, Azernews reports, citing Trend.

Hasanova noted that the lifting of pandemic restrictions and comprehensive measures of state support led to the restoration and further growth of the country's economic activity and GDP.

Noting that growth was recorded in all sectors of the economy, she added that GDP growth recorded in the non-oil sector of the economy was 11 percent.

"Significant contribution to the development of non-oil and gas sector was made by transport and warehousing, non-oil and gas industry, tourism and public catering," she said.

The deputy minister also mentioned that about AZN5 billion ($2.9bn) were allocated for the development of the country's economic and social spheres during the reporting period.

Earlier it was reported that Azerbaijan’s GDP grew by 6.8 percent in the first quarter of the year, the positive balance of foreign trade turnover exceeded $5 billion, and the foreign debt reduced by more than $600 million. Such positive economic figures were mostly achieved by the effective policy of social and economic development pursued in the country.

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