Azerbaijan’s economy grows by 3.4 times over past 19 years

Executive director of the Azerbaijani Centre for Analysis of Economic Reforms and Communication Vusal Gasimli has said that Azerbaijan’s gross domestic product (GDP) has grown by 3.4 times over the past 19 years.

“The GDP production in the non-oil and gas sector increased by 3.1 times, in industrial production - by 2.7 times, in non-oil and gas industry - by 3.6 times in 2021 compared to 2003,” Gasimli said, Report informs, citing the information provided by the Centre for Analysis of Economic Reforms and Communication.

“Other sectors of the economy greatly increased over the years. The volume of agricultural products has doubled, freight traffic has increased by 1.8 times, passenger traffic - by 1.3 times, while the volume of information and communication services - by 15.4 times,” he noted.

Gasimli noted that investments have played a significant role in the growth of the economy.

“The volume of funds allocated to fixed capital increased by 2.7 times, for construction and installation work - by 4.1 times in 2003-2021,” the executive director said.

“A total of $288.9 billion was invested in Azerbaijan in 2004-2021. Taking into account the indicators of this year, about $300 billion have been invested in Azerbaijan over the past 19 years. Foreign investments grew by 2.2 times,” he said.

He noted that state budget revenues increased by 21.6 times, while expenditures by 22.2 times from 2003-2021.

“Nominal income of the population increased by 10.0 times, while deposits of the population in banks - by 36.7 times,” Gasimli said.

The average monthly nominal wage increased by 9.5 times, while the average monthly pension - by 13.9 times in January-December 2021 compared to January-December 2003.

“The minimum wage increased by 27.8 times, while the minimum pension – by 10.0 times. The population increased by 1,807.3 million people or 21.7 per cent from 2003 to 2021,” he added.

Gasimli noted that the number of countries with which Azerbaijan established foreign trade relations increased from 124 to 188, or by 51.6 per cent from 2003-2021.

“Foreign trade turnover increased by 6.5 times, including import - 4.5 times, export - 8.6 times. The export of non-oil and gas products increased by 7.3 times,” he said.