Minister: Azerbaijan's GDP up by 5.8 % in Jan-Aug 22

By Azernews

By Ayya Lmahamad

Azerbaijan's GDP has increased by 5.8 percent to AZN84.8 billion in January-August 2022, Economy Minister Mikayil Jabbarov said, Azernews reports.

The minister also stated that the non-oil and gas GDP grew by 10.3 percent to AZN43.3 billion.

"In January-August this year, #GDP increased by 5.8% to 84 bln. 880.4 mln. ?, compared to the corresponding period of the previous year, while the #nonoil and gas GDP grew by 10.3% to 43 bln. 303.5 mln. ?. Growth in the non-oil and gas sector has accelerated compared to the previous year. In the same period last year, this sector's GDP increased by only 5.7%, compared to January-August of 2020," he wrote on his official Twitter page.

Earlier, the World Bank forecasted Azerbaijan's GDP growth to reach 2.7 percent in 2022, 2.2 percent in 2023, and 2.3 percent in 2024. In addition, the Asian Development Bank projected GDP growth in Azerbaijan in 2022 to stand at 4.2 percent, while in 2023 at 2.8 percent.

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.