STATISTICAL ANALYSIS OF THE IMPACT OF PRODUCTION IN OIL AND NONOIL SECTORS ON ECONOMIC GROWTH IN AZERBAIJAN

The article presents a statistical analysis of the impact of GDP production in the oil and non-oil sectors in the Republic of Azerbaijan on economic growth.The stationarity of time series was determined using firstorder differences and cointegration relationships between economic indicators were investigated.One cointegration relationship was found between the variables considered in the study.The constructed VECM explains the restoration and stabilization of the disturbed equilibrium between time series after 1 year and 7 months.The results confirmed the long-term balanced relationships between the variables under consideration.