11:41 - 23.12.2021

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December 23, Fineko/abc.az. GDP growth rate in Azerbaijan turned out to be higher than forecasts this year, stated Economy Minister Mikail Jabbarov.

According to the minister, although by the end of 2021 the forecast was at the level of 3.4%, international financial organizations were skeptical about this.

"They did not see growth above 1.7%. However, at the end of the Jan-Nov 2021 term, the GDP growth rate in Azerbaijan was recorded at 5.3%, which is higher than what we expected. Certainly, the relevant agencies have also updated and increased their forecasts. In the non-oil sector, the growth rate was even higher - 6.4%," the minister said.

Jabbarov noted that the main role here is played by tax incentives, a document on investment promotion, the creation of industrial parks in various districts of the country, the business environment and simplification of licensing.

"This year, the non-oil industry recorded an increase of more than 20%, non-oil exports increased by 44%, which is a significant figure. We assume that by the end of the year, non-oil exports will amount to $2.6 bn. During the entire period of our independence, non-oil exports have not exceeded $1.9 bn. This is a historically high figure. Azerbaijan's strategic foreign exchange reserves have also increased up to $53 bn," he added.

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