Growth Factors of Non-oil Sector

Approximately 30% of last year's growth of the non-oil sector of Azerbaijan was ensured by construction within the investment, including capital expenditures of the state budget and extrabudgetary funds.

According to the report of the Central Bank (CBA) on monetary policy in the past year, the total non-oil GDP growth was at 7%. In the agricultural sector meanwhile there was a decline - minus 2.6%. According to experts, the result was influenced primarily by the unconfirmed expectations of the government and villagers in the area of ??import capacity of the Russian Federation. As a result of the devaluation of the ruble in all regions of the Russian Federation fixed prices were introduced, making it unprofitable to export fruits and vegetables into this country.

With regard to other areas of the non-oil sector of the economy, the highest growth after construction was recorded in the tourism business and public catering - 18.2%, information and communications - 15.1%, as well as trade and repair of vehicles - 10%. --17D-