Azerbaijan expects its gross domestic product (GDP) to grow by 6.7 percent in 2014, up from 5 percent expected this year, driven by growth of business beyond its dominant oil sector.

"We expect GDP to grow... by 5 percent over the entire year (in 2013). In 2014, we forecast GDP growth of 6.7 percent," Economy Minister Shahin Mustafayev told journalists on Friday.

The country's economy expanded by 2.2 percent last year.

Mustafayev said Azerbaijan's 2014 state budget would be calculated assuming oil price at $90 per barrel, down from $100 per barrel this year.

Azerbaijan's GDP expanded 5 percent year-on-year in January-July, up from 1.6 percent growth in the same period last year, driven by double-digit growth of business beyond its oil sector. Figures suggested the country is making progress on a concerted push to diversify its sources of economic growth.

Mustafayev envisages an increase in the investment flow "both domestic and foreign" in 2014 and predicts a further improvement of the non-oil sector of the economy, including constructions, farming and shipyards.