Azerbaijan to develop non-oil sector

According to Azerbaijani statistical information, the average income per capita in Azerbaijan for 2011 will be USD 5540. With this figure the country will reach the upper level of medium developed countries – Azeri Economic Development Minister, Shahin Mustapaev reported on October 12.

The minister stated that by 2011 Azerbaijani GDP will be more than USD 50 Billion, with economic growth of 3.8% and an annual inflation rate of less than 5%. The minister added that the country plans to diversify its economy, changing its dependence on oil. If today the oil sector represents more than 47% of the Azerbaijani economy, by 2012 it is expected to be reduced to 39%. In 2011 investment in the non-oil sector will exceed investment in the oil sector, reaching more than USD 9 billion. It is anticipated that in 2011 the country will receive around USD 5 billion in foreign investments.