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Azerbaijan’s GDP grows by three per cent in first quarter

Azerbaijani economy minister Shahin Mustafayev has announced that the country’s economy expanded by three per cent during the January-March period of 2019, adding that 2.8 billion US dollars were invested in Azerbaijan during the same quarter.

According to Mr Mustafayev, the government expects the country’s GDP to grow by 3.6 per cent this year which will be driven by the growing capacity of non-oil sectors.

The economy minister highlighted that Azerbaijan had recorded high non-oil industrial production in the past three years, with the non-oil sector expanding by 9.1 per cent in 2018.

In a report published on June 6, the World Bank maintained its earlier forecast of 3.3 per cent for Azerbaijan’s economic growth in 2019 noting that “the country’s economic growth in the coming years will be accelerated due to the commissioning of a new gas pipeline.”

The IMF projects the country’s economy to expand by 3.4 per cent this year.

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