(MENAFN- AzerNews) By Sara Israfilbayova
In the non-oil sector of the economy, production shows 2 percent growth by the end of 11 months, as a result, the share of the non-power sector in the GDP structure of the country has approached 63 percent.
The country's GDP was 63.071 billion manats ($37.098 billion), which is 0.2 percent lower than the same period of last year, according to Azerbaijan's State Statistical Committee.
Earlier, experts from the World Bank (WB), the Asian Development Bank (ADB), the International Monetary Fund (IMF) and the United Nations (UN) forecasted that Azerbaijan's GDP in 2017 should fall within 1 percent, but current development show that the national economy will enter the growth zone.
The government expected that this year instead of reducing (which was 3.8 percent in 2016), GDP will grow by 1 percent. However, during the discussion of the 2018 budget and forecasts of social and economic development for 2018-2021, this indicator was updated and it is expected that this year the economic growth will be 0.3 percent.
Meanwhile, during the reporting period, the non-oil sector shows a 2.4 percent growth in production. As a result, the structure of the country's GDP changes in favor of the latter, and the share of energy industries reached 62.7 percent.
In general, in the GDP structure, industry accounted for 40.1 percent, for the trade and repair of motor vehicles-10.1 percent, for construction-8.8 percent, for transport and storage-6.8 percent, for agriculture, fisheries and forestry-5.5 percent, household services and accommodation services accounted for 2.4 percent, in the sphere of information and communication, 1.6 percent of products were produced, in other industries-17 percent of GDP, and 7.7 percent for taxes.
Azerbaijan's GDP next year is expected to reach 69.4 billion manats ($40.82 billion). At the same time, 47.6 billion manats ($28 billion) of the GDP will account for the non-oil sector, which will grow 2.9 percent next year.
About 83 percent of Azerbaijan's GDP will account for the private sector.
Incomes of Azerbaijan's state budget for 2018 are projected at 20.127 billion manats ($11.84 billion) [including centralized incomes - 19.476 billion manats ($11.46 billion), local incomes - 650.671 million manats ($382.75 million)], expenditures are projected at 20.905 billion manats (12.3 billion) [including centralized expenses - 20.182 billion manats ($11.88 billion), local expenses - 724.092 million manats ($425.94 million)].
It is projected that Azerbaijan's state budget for 2018 will be based on oil price of $45 per barrel.
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