Azerbaijan's GDP Set To Reach New Highs By Year-End - Minister
Date
11/25/2024 6:09:05 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 25. Azerbaijan's GDP
per capita is projected to reach approximately $7,200 by the end of
this year, said Mikayil Jabbarov, the country's Minister of
Economy, Trend
reports.
Speaking during discussions on the state budget for 2025 in the
Azerbaijani Parliament, Jabbarov pointed out that the structural
reforms aimed at boosting economic growth are really hitting the
ground running in Azerbaijan.
He said that both in prior years and in the present year,
Azerbaijan's Economy has exhibited constant progress, with
expanding export potential.
The minister highlighted that real GDP growth in the country is
projected to reach 14.4 percent, with the non-oil sector expected
to see GDP growth increase by 1.3 times.
"In 2019, before the COVID pandemic, GDP per capita was around
$4,850. By the end of 2024, we expect this figure to reach around
$7,200," the minister added.
Jabbarov also highlighted Azerbaijan's decreasing reliance on
the oil and gas sector in recent years.
"Oil production, which stood at 38.8 million tons in 2018, is
projected to decline to 29.2 million tons in 2024. Additionally,
the price of Brent crude, which was $99 per barrel in 2014, has
significantly decreased. However, in the revised 2024 budget, the
share of oil revenues in total budget income has dropped to 49
percent.
One of the key trends has been the substantial reduction of
inflation in recent years," Jabbarov concluded.
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