Bank Of Baku

Forecast: Lag in Azerbaijan’s oil sector to continue during next 4 years

Forecast: Lag in Azerbaijan’s oil sector to continue during next 4 years
# 15 October 2012 14:24 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Azerbaijan’s GDP is expected to be AZN 66,543.5 mln, economic growth – 4.5% in2016, these were reflected in the forecasts of government for next 4 years.

At the same time, in 2016, the non-oil GDP will make AZN 46,964.1 mln. Share of non-oil sector in GDP will reach 70.6% and this is a record for next years. Non-oil GDP growth will be 6.6% in2016:

 

2012

2013

2014

2015

2016

GDP

51,379.3

56.066.2

57.622.6

62,028.7

66,543.5

GDP growth

 

2.2%

 

5.3%

 

7.0%

 

4.5%

 

4.5%

Oil GDP

22,287.0

21,660.6

19,412.9

19,481.2

19,579.4

Oil GDP growth

 

-4.5%

 

-2.9%

 

-5.9%

 

-0.1%

 

-0.2%

Non-oil GDP

 

29,092.3

 

34,405.6

 

38,209.7

 

42,547.5

 

49,964.1

Non-oil GDP growth

 

9.6%

 

11.7%

 

7.7%

 

6.8%

 

6.6%




As it seems, the government forecasts that, the lag in oil sector will continue during next 5 years.
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