BAKU, October 17. /TASS/. Azerbaijan’s economy has recovered from the pandemic-induced crisis, Azerbaijani President Ilham Aliyev said on Sunday.
"Today, Azerbaijan’s economy has recovered from the pandemic crisis. The indices of the nine months of 2021 are positive: the economy has grown by some five percent, the industry has grown. The non-oil sector has grown by 20%," AzerTac news agency quoted him as saying.
According to Azerbaijan’s State Statistics Committee, the country’s GDP stood at 62.88 billion manats (around 37 billion US dollars) in January-September 2021, being up by 4.8% on the beginning of the year. The oil sector grew by 1.4%, while the non-oil sector went up by 6.2% on the year beginning.
According to official forecasts, the GDP growth is expected to reach five percent by the yearend.
In 2020, Azerbaijan’s economy decreased by 4.3%, to 72.43 billion manats (42.6 billion US dollars). The slump was provoked by the coronavirus pandemic and lockdowns, and by oil production cuts under the OPEC+ deal.