OREANDA-NEWS. October 11, 2011. The Azerbaijani government has specified the forecast of socio-economic development for 2011.

The Ministry of Finance of Azerbaijan reports that a draft concept of socio-economic development of Azerbaijan for the period until 2012 and for the term until 2015 inclusively implies of forecast of economic growth reduction in the country to 0.9%. At that, GDP will exceed the forecast and total AZN 42.4 bn with deflator of 1.1%.

However, this year GDP structure has started changing sharply: GDP in the non-oil sector will exceed GDP in the oil sector, and this situation is going to continue until 2015 inclusively.

In 2011, oil GDP will reach AZN 16.667 bn (-8.7% versus the 2010 index equal to AZN 20.165 bn) with deflator of 9.5% and a 39.3% share in overall GDP. Non-oil GDP is expected to be AZN 22.17 bn (+10% versus the 2010 index equal to AZN 18.4 bn) with deflator of 9.3% and a 52.3% share in overall GDP.

In 2015, the oil sector share will make up only 29.3% of overall GDP, while the share of non-oil sector - 61.3%.