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ADB: Non-oil sector is expected to be leading force of development of Azerbaijan in 2013 and in the forthcoming years

17 April 2013 12:59 (UTC +04:00)

That is, while oil sector slid, other spheres developed rapidly. Oil export caused narrowing of the current account in balance of payments. Nevertheless, direct foreign investments in oil and gas sector went up. According to APA-Economics, it was stated in the annual report of ADB - Asian Development Outlook 2013.

The document notes that the transfers and durable state investments from SOFAZ to the state budget, as well as the expected oil growth in 2014 caused 3.1% in 2013 and 4.8% economic growth in 2014. Promotion of development in non-oil sector and reduction of dependence on oil revenues should be the basis for long-term development: ‘Non-oil sector is expected to be leading force of development in 2013 and in the forthcoming years’.

ADB experts think that the planned budget expenditures will support state investments and the decision made at the level of Central Bank in connection with the increasing the capital at the banks will potentially cause the rise of crediting of private sector. The regional development projects and private initiatives will impact on annual growth in construction, agriculture and service sectors.