The volume of GDP in Azerbaijan may reach historical levels

If the current oil and gas prices in the world continue until the end of the year, the gross domestic product of Azerbaijan is expected to reach 130 billion manats by the end of the current year, which is the highest indicator in the history of Azerbaijan.

Qazet.az reports with reference to Trend that this was said by Economy Minister Mikayil Jabbarov on November 3 at the meeting of the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis during the discussions on the 2023 state budget.

The minister said that the share of non-oil industry in Azerbaijan's GDP is increasing. According to him, tax revenues and mandatory state social insurance collections have increased in the country.

M. Jabbarov noted that the level of inflation in the country was influenced by the increase in the price of food products in the world market. According to him, import prices increased by more than 21 percent in January-August of this year compared to last year. The minister added that anti-inflation measures were implemented by the government this year.