The growth of Azerbaijan’s non-oil sector has reached 20 percent in 2021, which is a record reached during all the years of the country’s independence, Vusal Gasimli, Executive Director of the Azerbaijani Center for Analysis and Communication of Economic Reforms, said on Jan. 18, Trend reports.
Gasimli made the remark at the scientific-practical conference “Socio-economic results of 2021 and development prospects”.
According to him, the growth of the world economy last year amounted to 5.5 percent, and the economy of Azerbaijan – 5.6 percent, which is the highest growth rate over the past eight years.
Meanwhile, the increase in value added in the non-oil industry equaled 7.2 percent, and in the oil and gas sector – 1.8 percent. Industry accounted for 42.5 percent of GDP production, which is 24.8 percent above the average global level.
“With the forecast for the growth of world trade in 2021 at the level of 10.8 percent, Azerbaijan’s non-oil exports grew by 47.2 percent. Such an increase in non-oil exports is also a record figure,” the CEO noted.