Azerbaijan joins group of countries with upper-middle income level – economy minister

As a result of the successful implementation of the strategic development course of President Ilham Aliyev in 2002-2022, Azerbaijan has joined the group of countries with an upper-middle income level.

Azerbaijani Minister of Economy Mikayil Jabbarov said in his remarks to the conference, entitled “20 years of unprecedented service to the Fatherland, Nation and Statehood” underway in Baku, Report says.

Over the past period, the non-oil and gas economy grew from $4 to $41 billion, the minister said.

“The added value in strategic areas of priority in terms of diversification increased - 4.7 times in the non-oil and gas industry, up to 19 times in tourism, 23 times in the field of information and communications, up to 5 times in the field of transport. In 2022, exports of non-oil and gas products increased 12 times compared to 2002 and for the first time since independence exceeded $3 billion.”