Minister: Azerbaijan's GDP up by 6.7 pct

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that Azerbaijan's GDP increased by 6.7 percent in the first two months of 2022.

"As a result of the measures aimed at sustainable economic growth in our country, in the first two months of this year the country's GDP increased by 6.7 percent, compared to the same period last year, and amounted to AZN 12.4 million ($7.3m)," the minister wrote on his official Twitter page.

He also noted that efforts to diversify the economy and encourage investment had a positive impact on GDP in the non-oil and gas sector.

"In January-February this year, this figure increased by 10.1 percent, compared to the same period last year, and reached AZN 9.6 million ($5.6m)," he wrote.

Furthermore, Jabbarov stated that as a result of the country's efficient use of its industrial potential, production of industrial products in the non-oil and gas industry increased by 20.8 percent in the first two months compared to the same period last year.

Earlier it was reported that Azerbaijan's GDP grow by 5.6 percent and the non-oil sector by 7.2 percent in 2021. Last year, the country's nominal GDP increased by AZN 11 billion ($6.4bn), compared to 2019, to AZN 93 billion ($54.7bn).

In addition,  the production of products in the industrial zones in Azerbaijan in 2021 increased by 88.3 percent to AZN 2.4 billion ($1.4bn).

The task is set of sustainable diversification of the economy, and in this regard, it is planned to develop a concept that will contribute to the growth of non-oil exports. The volume of the non-oil goods' export is planned to double by 2025.