Azerbaijan economy expands by 3.7 percent in Jan-Sept

Ilham Aliyev told a government meeting the non-oil sector grew by 10 percent January-September, industrial output by 2.1 percent and agriculture by 6.7 percent, while total investment into the oil-rich economy reached 16 billion manats ($15.2 billion).

The government's economic growth forecast for this year is 3.3 percent.

The International Monetary Fund last week raised its economic growth forecast for Azerbaijan in 2015 to growth of 4 percent from a previous forecast of 1.8 percent.

Azerbaijan, a former Soviet republic, had to devalue its currency following a sharp decline in the Russian rouble last year. Its economy was also hit by low oil prices. Gross domestic product grew 2.8 percent in 2014.

The country's state budget envisages oil at $90 a barrel. Brent crude is now trading around $50.

Oil and gas account for 95 percent of the country's exports and 75 percent of government revenues.

Azerbaijan, a mainly Muslim country between Russia and Iran, has tried to reduce its dependence on energy as oil production begins to plateau, using fuel revenues to spur other sectors of the economy, such as industry and agriculture.