The non-oil sector is forecasted to grow 2.9% in 2018, more than 3% in the next years, Deputy Minister of Economy Sevinj Hasanova said during the discussion of the budget package for 2018 at the parliament.
According to her, output cut will reduce oil sector by 1%, launch of Shahdeniz 2 will result in increase of gas production and oil and gas sector is forecasted to grow 5% on average in the next years.
“Along with this, new contract on ACG will support country’s development. The GDP will increase 1.5% in 2018, 3.5% in the next years. Balance of payment (BoP) will be positive. The positive balance on BoP is expected to be $1.4 billion. This figure is forecasted to increase more in the next years as a result of implementation of oil and gas projects”, she said.