Minister: Country's GDP up by 5.6 pct in 3Q2022

By Azernews

By Ayya Lmahamad

Azerbaijan's GDP has increased by 5.6 percent and reached AZN98 billion ($57.6bn) in January-September 2022, the country's Economy Minister Mikayil Jabbarov said, Azernews reports.

The minister also noted that the non-oil and gas GDP increased by 10.1 percent and amounted to AZN50.2 billion ($29.5bn) in the first three quarters of 2022.

"In January-September of 2022, compared to the relevant period of last year, the #GDP increased by 5.6% and reached 98 bln. 77.8 mln. ?, whilst the #nonoil-gas GDP rose by 10.1% and amounted to 50 bln. 285.8 mln. ?. The process of facilitating the increase in the non-oil-gas sector, compared to the previous year, is underway," the minister tweeted.

In another post, Mikayil Jabbarov stated that according to the results of the first nine months, the increase in macroeconomic indicators continues. In this regard, nominal income of the population increased by 20.2 percent, funds allocated to the fixed capital in the non-oil and gas sector by 18.1 percent, funds allocated to the fixed capital by 4.6 percent, information and communications services by 15.5 percent, passenger transportation by 38.9 percent and cargo transportation by 12.3 percent.

"According to the results of January-September of 2022, the increase in #macroeconomic indicators continues. The growth rate of the volume of #investment-s in the #nonoil-gas sector, growth dynamics in various sectors should be especially highlighted," the minister tweeted.

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.