(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 17. The GDP growth willdirectly depend on the development of the non-energy sector at thenew stage, a member of the Milli Majlis (Parliament) Committee onEconomic Policy Vugar Bayramov wrote on his social media account,Trend reports.
Bayramov noted that the oil and gas sector experienced marginalgrowth of 0.2 percent in the initial quarter of this year the growth pattern reveals that this uptick primarilystemmed from escalated gas production. Consequently, whilemarketable oil production dipped by 6 percent, marketable gasproduction saw a rise of 5.4 percent.
"The uptick in positivity can be attributed to the surge innatural gas production, signaling increased exports. This hassignificant fiscal and strategic implications. Notably, 64.5percent of industrial output originates from the mining sector,with the oil and gas industry contributing approximately 65 manat($38) for every 100 manat ($58) of industrial value. Thisunderscores the importance of advancing reforms in non-energysectors.
Moving forward, GDP growth will be intricately linked todevelopments in these sectors. Conversely, the oil sector's value,alongside production, is directly impacted by fluctuations in theprice of oil, necessitating urgent measures for full stabilizationin this domain," the MP said.
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