Azerbaijan economy expands 2.8 percent last year

The non-oil economy grew by 7 percent, Shahin Mustafayev said at a cabinet meeting on Jan. 9.

The state budget had revenue of 18.4 billion manat ($23.5 billion) and spending of 18.7 billion manat, the minister said. 

Capital investment in Azerbaijan’s economy totaled $27 billion, of which $11 billion came from foreign investors. 

Azerbaijan’s information and IT services climbed by 15.1 percent, cargo transportation 1.6 percent and retail trade grew by 10 percent, Mustafayev said.

The share of the non-oil economy in GDP expanded to 60 percent, he said.