Azerbaijan’s nominal GDP grows 8 times in 10 years
Nominal GDP of Azerbaijan is to make $71bn in 2013.

It is an 8-time growth over 2003.

The statement came from chairman of the committee for economic policy of Milli Majlis Ziyad Samadzade speaking on Tuesday at the plenary session of the parliament on discussion of the state budget bill of Azerbaijan for 2013.

He said Azerbaijan’s GDP in 1991-2011 grew by 2.4 times, which according to international experts is the fastest economic growth in the CIS space.

“Azerbaijan’s average annual growth in 2000-2008 made 18.1% which became the best indicator of economic growth in the world”, Samadzade said.

He noted that GDP growth by 1% in 2013 requires $560m including $344m in nonoil sector.

“The growth in nonoil economic sector in 2013 is to make $10bn. Despite the drop in the growth rates in oil sector, the overall GDP growth of Azerbaijan is to make 5.3% which will be possible owing to the growth in nonoil sector”, chairman of the committee for economic policy of Milli Majlis said.

He noted that in 2003 the state budget revenues made 17% of GDP, while in 2013 they are to make 34.1%, the state budget costs for a person have grown from AZN 147 to AZB 2017.

“In the early century the budget of Azerbaijan made $1bn, while in 2013 the incomes and outcomes of the budget are defined at $24.4bn and $25.2bn respectively. This can be called a historical achievement”, Samadzade said.

According to chairman of the parliamentary committee, in 2013 the growth in nonoil GDP by 1% will promote growth in tax transfers to the state budget from nonoil sector by 2%.