Azerbaijan, Baku, May 2 / Trend, N. Ismayilova /
By 2025, the volume of Azerbaijan's GDP is planned to be brought to 103.6 billion dollars from 43 billion dollars in 2009 and 52.1 billion dollars in 2010, a draft of Azerbaijan's long-term economic development strategy for 2011-2025 says.
In 2011-2025, the average annual nominal growth rate in percent is projected at 5.7 percent, real growth - 2.6 percent. In 2010, GDP grew by five percent.
According to forecasts, the share of oil industry in GDP will be reduced from 50.9 percent in 2009 and 48.5 percent - in 2010 to 13.8 percent in 2025. It is expected to increase the share of non-oil industry in GDP from 3.2 percent to 14.2 percent, agriculture - from 7.3 percent in 2009 and 5.4 percent in 2010 to 12 percent in 2025, service sector - from 38.6 percent and 27.4 percent respectively to 60 percent.
According to the draft strategy, the GDP per capita will increase from $4,800 in 2009 and $5,800 in 2010 to $9,700 in 2025. In 2011-2025 the average annual nominal growth rate in percent is projected at 4.5 percent, real growth - 1.5 percent.
GDP in non-oil sector is expected to increase from $21.1 billion in 2009 to $89.3 billion, the average annual nominal growth rate in percent is projected at 9.4 percent, real growth - 6.2 percent.
According to the draft strategy, the volume of non-oil GDP per capita will increase from $2,300 in 2009 to $8,300 by 2025. In 2011-2025 the average annual nominal growth rate in percent is projected at 8.4 percent, real growth - 5.2 percent.
Within this strategy Azerbaijan is forecasted to approach the group of countries with high income, whereas now according to the World Bank classification, it is included in the category of middle-income countries by the level of national income per capita. Also according to the classification of the UN Development Program, Azerbaijan is forecasted to approach the group of countries with "the highest level of human development". The country is now included in the category of countries with high human development".
The draft strategy is prepared based on President Ilham Aliyev's orders given on the outcome of a conference on the results of the first year of execution of the second State Program on socio-economic development of the country's regions for 2009-2013.
