Mikayil Jabbarov: GDP in Azerbaijan's non-oil-gas sector grew 1.2 times in past 3 years

The Gross domestic product (GDP) in Azerbaijan's non-oil-gas sector has increased by an average of 6.6% annually in 2022-2024, and 1.2 times overall, the country’s Economy Minister Mikayil Jabbarov said, Report informs.

Jabbarov made the remark at the first meeting of the Sub-working groups on "Economic Growth" and "Integration of the Economy of the Territories into Domestic and Global Value Chains for Sustainable Settlement.”

The minister stated that the share of the non-oil-gas sector in GDP increased from 61.6% in 2021 to 67.8% in 2024.

It was noted that by the end of 2024, the implementation level of measures envisaged in the 2022-2026 Strategy for socio-economic development based on National Priorities has reached 78%.

"The implementation level of the First State Program on the Great Return for 2024 is 74%. By the end of last year, 21.6 billion manats ($12.7 billion) were allocated within the framework of the program. Two industrial parks with 55 enterprises have been created in the liberated territories. Concessions and exemptions are applied for businesses. Exports of products manufactured by enterprises operating in the region have begun," Jabbarov noted.

The event provided information about the priorities envisaged in the Strategy for socio-economic development for 2027-2030, and the main directions of activity under the Second State Program on the Great Return. The importance of developing effective mechanisms for economic diversification, active promotion of investments, development of the private sector, increasing business activity in the liberated territories, and improving the export-oriented growth model was highlighted.

Presentations on the activities of the sub-working groups were shown and discussions were held in this regard.

"The sub-working group on 'Economic growth' will ensure the preparation of a document on the 'Sustainable and high economic growth' and 'Balanced development of the capital and regions' goals of the new strategy, while the sub-working group on Integration of the Economy of the Territories into Domestic and Global Value Chains for Sustainable Settlement' will ensure the preparation of a document on the implementation of activities to increase economic activity in the liberated territories," the minister pointed out.