Azerbaijan's economic growth reaches highest level in past 12 years

The value added in the Azerbaijani economy in January-April 2022 was 39.55 million manats, representing 45.7 per cent of the preliminary forecast indicator and 34.3 per cent of the updated forecast.

The Chamber of Commerce's conclusion on the bill "On amendments to the law 'On state budget for 2022'" said so, according to Report.

A significant increase in oil prices over the period under review is associated with an increase in GDP by 20 million manats in January-April, the fulfilment of the preliminary forecast by 76.6 per cent. A significant increase in oil GDP in nominal terms led to an increase in the share of oil industries to 50.8 per cent.

In the volume of value added in the country's economy, economic growth was recorded by 7.2 per cent compared to the corresponding period last year.

This growth is the highest in the past 12 years. Despite the fact that the nominal growth of the economy is formed mainly from the oil industries, in real terms, growth can be said to be fully provided by the non-oil sector. Thus, against the background of a slight growth of the oil sector by 0.2 per cent, non-oil industries experienced an increase of 11.4 per cent.