Azerbaijan's economic sectors with best growth outlook in 2021 revealed

BAKU, Azerbaijan, Sept. 3 By Fidan Babayeva - Trend: With a relative recovery in economic growth in 2021 and in the medium term, Azerbaijan's gross domestic product (GDP) in 2024 will increase to 89.5 billion manat ($52.6 billion), Trend reports. This is reflected in the statement of the Azerbaijani Ministry of Finance on the preliminary indicators of the state and consolidated budgets for 2021. In 2021, the non-oil GDP will amount to 53.6 billion manat ($31.5 billion) with a real growth of 3.5 percent, the report said. In 2021, the industry, which has the largest share in the structure of GDP (33.2 percent), is expected to increase value added by 25 billion manat ($14.7 billion), in agriculture - 5.6 billion manat ($3.2 billion) (share of 7.4 percent), construction - 5.7 billion manat ($3.5 billion), in the service sector - 31.8 billion manat ($18.7 billion), the report said. “Taxes on products and imports in the structure of GDP will amount to 7.3 billion manat ($4.2 billion) with a specific weight of 9.7 percent. While the non-oil sector is projected to increase production by 8.1 percent, the oil sector is expected to grow by 3 percent,” said the report. The highest real growth is expected in the tourism and information and communication sectors in the medium term by the provision of state support to business entities affected by the coronavirus pandemic, the expansion of tax incentives and access to preferential loans, and by the implementation of measures planned in this direction, and recovery of economic activity in the real sector at the same level, the report said. --- Follow the author on Twitter: Fidan_Babaeva