ECONOMY


President Ilham Aliyev: Economic development in Azerbaijan has been very rapid this year

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Baku, September 9, AZERTAC

"Economic development in Azerbaijan has been very rapid this year," said President Ilham Aliyev at a meeting on economic issues and preparation of the State Budget for 2016.

The President noted that the results of six months “already allow us the opportunity to say that we will finish this year with very good results”. “The gross domestic product has increased by almost 6 per cent. The non-oil economy has grown by more than 9 per cent. Inflation is at a very low level. Agriculture has increased by 7.3 per cent and the non-oil industry by 14 per cent. "I should note that this year the international rating agency Fitch has reaffirmed the stable rating of Azerbaijan. Our rating is BBB. This is also a great achievement. The general public may not know this and there a brief report on that in the media although it is a major event. Let them look at the credit ratings of other countries – they are all declining. Azerbaijan's rating is stable.” ”Why is that? Earlier, our detractors and those envious of our success linked this to oil. They said that Azerbaijan produces oil, which is why Azerbaijan is developing. OK, oil production in Azerbaijan is now in decline. Oil prices have fallen by more than half, but we are still developing. They do not want to accept the fact that our development is underpinned by sound policies.”

“The anti-Azerbaijani, Islamophobic forces, those who are reluctant to put up with our independence are constantly trying to cast a shadow over our work. The smear campaign against us continues – it was there on the eve of the European Games, during the Games and at the moment. Why is that? Because we are defending our country! We do not and will not allow the "fifth column" and national traitors to dictate their will here," the head of state noted.

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