“In the world economy, and generally in economic theories, an increase of the gross domestic product (GDP) by 1.5-2 percent is not considered a significant growth. Because this is a wave effect caused by inflation.” These words were said to Medianews.az by politician, economist Natig Jafarli while commenting on the current growth level of the gross domestic product (GDP) in our country.
According to the report of the State Statistics Committee, the gross domestic product (GDP) in Azerbaijan increased by 1 percent in January-August 2025. Can a 1 percent increase in GDP be considered growth? Compared to the previous year, growth was 4.1 percent in 2024. What should be the minimum economic growth rate in our country so that the population can feel it in their own livelihood?
Answering Medianews.az's questions, N. Jafarli, who noted that a GDP increase of up to 1.5-2 percent is not regarded as significant growth, stated that considering the overall condition of the Azerbaijani economy, the country's annual economic growth should be around 3.5-4 percent: “If so, the population can feel the economic growth in their welfare. Therefore, naturally, the current weak pace of growth in the country's economy cannot satisfy us. Because I emphasize once again, taking into account Azerbaijan's potential and needs, our economic growth should be above 3 percent. GDP growth should be at least between 3-5 percent to positively impact people's welfare.”
Medianews.az reminds that except for 2011 and 2017 (in 2011, GDP in Azerbaijan increased by 0.1 percent, and in 2017 by 0.2 percent), 1 percent is the lowest indicator of GDP growth in Azerbaijan.
In other years when Azerbaijan's GDP grew, the indicators were as follows:
2015 - 1.1 percent growth
1996 - 1.3 percent growth
2023 - 1.4 percent growth
2018 - 1.5 percent growth
2012 - 2.2 percent growth
2019 - 2.5 percent growth
2014 - 2.8 percent growth
2024 - 4.1 percent growth
2022 - 4.7 percent growth
2010 - 5 percent growth
2021 - 5.6 percent growth
1997 and 2013 - 5.8 percent growth
1999 - 7.4 percent growth
2009 - 9.3 percent growth
2001 - 9.9 percent growth
1998 - 10 percent growth
2004 - 10.2 percent growth
2002 - 10.6 percent growth
2008 - 10.8 percent growth
2000 - 11.1 percent growth
2003 - 11.2 percent growth
2007 - 25 percent growth
2005 - 26.4 percent growth
2006 - 34.5 percent growth.
In 1995 GDP decreased by 11.8 percent, in 2020 by 4.2 percent, and in 2016 by 3.1 percent.
Naile Qasimova,
Medianews.az
