Executive Director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli stated that as it was predicted in advance, the indicators for the first 5 months of the year demonstrate that economic growth in Azerbaijan has been restored, albeit slightly. He said, “In January-May of this year, GDP increased by 0.8 percent. However, under the impact of the COVID-19 pandemic, in May 2020, a regression began in the Azerbaijani economy and its growth recovered precisely a year later. Despite the lag in the hydrocarbon sector, the non-oil sector grew by 4.5 percent in the first five months of the year.”

According to V.Gasimli, the non-oil and gas industry, which played the central role in the growth, increased by 16.2 percent in January-May 2021. He said, “For several years now, the non-oil sector has turned into a driver, having the most significant share in the overall economic growth. GDP has grown from 14.4 percent in the past five years to 17.9 percent. The development of the manufacturing and mining industry in Karabakh will accelerate the overall industrialization. During five months of the current year, there was an increase in the agricultural sector – in crop and livestock production. In addition, information and communications services and retail trade have grown. However, in several service areas, including catering, transport, and construction, it has not yet been possible to restore economic growth. The main point is that non-oil exports grew by 27 percent in four months of the year.”

V.Gasimli noted that by the World Bank’s forecast for Azerbaijan, this year the economic growth will be 1.9 percent, next year - 4.5 percent. “The International Monetary Fund forecasts 2.3 percent growth this year, and 1.7 percent economic growth next year”, said V.Gasimli. He considers that the non-oil sector should compensate declining hydrocarbon revenues and ensure overall economic growth.