Vusal Gasimli: Azerbaijan's economy up 3.4 times in last 19 years

In the last 19 years, Azerbaijan's gross domestic product (GDP) has increased 3.4 times, said the executive director of the Center for Analysis and Communication of Economic Reforms Vusal Gasimli, Report informs.

"Compared to 2003, the Gross Domestic Product production increased by 3.1 times in the non-oil and gas sector, by 2.7 times in the industrial production, adn by 3.6 times in the non-oil and gas industry in 2021. Over the years, significant growth has occurred in other areas of the economy: agricultural output doubled, cargo transportation surged by 1.8 times, passenger transportation by 1.3 times, and the volume of information and communication services by 15.4 times," Gasimli said.

According to him, investment played an important role in the economic growth: "In 2003-2021, the volume of funds directed to fixed capital soared by 2.7 times, including funds for construction and installation works by 4.1 times. In 2004-2021, a total of $288.9 billion was invested in Azerbaijan. Considering this year's indicators, about $300 billion were invested in Azerbaijan over the past 19 years. Foreign investments rose by 2.2 times. Foreign investment in the amount of $142.0 billion dollars was made in Azerbaijan in 2004-2021. Investments in non-oil and gas fields went up by 7.2 times. In 2004-2021, $179.5 billion were invested in Azerbaijan's non-oil and gas sector. In the reporting period, the total volume of investments made by Azerbaijan in the economies of other countries amounted to $28.3 billion. At the same time, lending jumped 25.5 times."

According to the economist, as economic opportunities expanded, the revenues of the state budget ascended by 21.6 times and expenses by 22.2 times in 2003-2021: "This made it possible to improve the social well-being of the population. In 2003-2021, the volume of paid services provided to the population increased 5.1 times in real terms. The nominal income of the population rose by 10.0 times and the population's savings in banks by 36.7 times. In January-December 2021, the average monthly nominal salary boosted 9.5 times compared to January-December 2003 and the average monthly amount of pensions by 13.9 times. The minimum wage grew by 27.8 times and the minimum amount of labor pension by 10.0 times. In the 18 years, the population increased by 1,807,300 people or 21.7%."

Gasimli noted that the number of countries with which Azerbaijan established foreign trade relations improved from 124 to 188 or 51.6% in 2003-2021: "Foreign trade turnover advanced 6.5 times, including import 4.5 times, export 8.6 times. The export of non-oil and gas products increased by 7.3 times."