BAKU: The GDP growth will directly depend on the development of the non-energy sector at the new stage, a member of the Milli Majlis (Parliament) Committee on Economic Policy Vugar Bayramov wrote on his social media account, Trend reports.

Bayramov noted that the oil and gas sector experienced marginal growth of 0.2 percent in the initial quarter of this year. Examining the growth pattern reveals that this uptick primarily stemmed from escalated gas production. Consequently, while marketable oil production dipped by 6 percent, marketable gas production saw a rise of 5.4 percent.

“The uptick in positivity can be attributed to the surge in natural gas production, signaling increased exports. This has significant fiscal and strategic implications. Notably, 64.5 percent of industrial output originates from the mining sector, with the oil and gas industry contributing approximately 65 manat ($38) for every 100 manat ($58) of industrial value. This underscores the importance of advancing reforms in non-energy sec
tors.

Moving forward, GDP growth will be intricately linked to developments in these sectors. Conversely, the oil sector’s value, alongside production, is directly impacted by fluctuations in the price of oil, necessitating urgent measures for full stabilization in this domain,” the MP said.

Source: Trend News Agency