The average annual economic growth rate in Azerbaijan from 2011 to 2023 was 1.5%, including 4.4% in the non-oil-gas sector, Minister of Economy Mikayil Jabbarov said at the Baku Climate Action Week, Report informs.
"In the first eight months of this year, 7% economic growth was observed in the non-oil-gas sector," Jabbarov noted.
"As a result of large-scale socio-economic reforms implemented in recent years, significant positive changes have occurred in the country's socio-economic landscape, and the welfare of the population has improved significantly. In the context of declining production in the oil and gas sector, the positive dynamics of economic growth, including economic growth in the non-oil-gas sector, have been maintained, and economic growth has continued in the post-pandemic years. Structural reforms in the areas of expanding budget expenditures, supporting entrepreneurship, promoting investments and exports, industrial development, etc. have played an important role in this process," the minister emphasized.