Azerbaijan forecasts growth in non-oil sector in 2024

Azerbaijan's Deputy Economy Minister Sahib Mammadov has forecasted a 1.7 percent decrease in the oil and gas sector, and 4.6 percent growth in the non-oil sector of the country in 2024, Trend reports. He made the remark during a meeting of the Azerbaijani Parliament's Economic Policy, Industry, and Entrepreneurship Committee. The official noted that these forecasts meet the goal of ensuring the country's economic stability through the development of the non-oil sector. "These indicators will be achieved as a result of ongoing measures. The outcome of steps taken in the development of the non-oil sector will be the successful achievement of set goals and tasks. Large-scale activities are being carried out to restore the liberated territories," he added. The economy of Azerbaijan expanded 0.5 percent year-on-year from January through October 2023, easing from a 5.2 percent growth in the same period last year. The non-oil and gas sector increased by 3.1 percent, while the oil and gas sector contracted 2.3 p ercent. Source: Trend News Agency