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Azerbaijan reveals forecast for annual economic growth until 2026

BAKU, Azerbaijan, The annual economic growth of three to four percent is expected within the framework of the national strategy for the development of economy of Azerbaijan until 2026, Deputy Minister of Economy of Azerbaijan Sahib Mammadov said during the event on “Green transformation in Azerbaijan: Sustainable Development Goals”, Trend reports on November 2.

 

According to him, the reintegration of Azerbaijan’s liberated territories into the economy of the country creates an even greater basis for economic growth.

 

“Azerbaijan’s GDP increased by 5.6 percent, non-oil sector – by more than 10 percent from January through September 2022. Trade turnover by 73.3 percent, while export of non-oil products – by 17 percent,” Mammadov said.

 

He stressed that in short term perspective, it’s planned to increase waste recycling by 20 percent, including 10 percent in the regions.

 

“At the same time, the country’s economy will grow by an average of three to four percent annually and non-oil and gas GDP – by an average of five percent annually, and it’s also planned to increase the share of private sector in the economy up to 88 percent until 2026. Furthermore, the non-oil and gas exports are forecast to grow by 85 percent,” Mammadov said

 

Source: TREND News Agency