In six months Azerbaijan`s economy grew by 5.7 per cent, President

Baku, July 14, AZERTAC

“Over the course of six months, our economy developed even though oil prices have been at a low level. Even though the economic situation around us has not particularly changed for the better, the Azerbaijani economy is developing. The figures I will cite confirm this and prove that it is a truly historic achievement. Thus, in six months the economy grew by 5.7 per cent,” said President of Azerbaijan Ilham Aliyev as he addressed a meeting of the Cabinet of Ministers.

“This is an excellent indicator, which confirms the dynamic development of our country. The figure showing the development of the non-oil sector is even more beautiful. Here too, we see an increase of 9.2 per cent. In other words, the situation doesn’t get a lot better than this. Industrial production has increased by 4 per cent. The non-oil industry grew by more than 14 per cent. This is the result of the work done in recent years, industrialization and creation of new industrial estates.”

“Inflation in Azerbaijan is low – 3.5 per cent. Population incomes, according to tradition, have been ahead of inflation and rose by 6.2 per cent. Agriculture grew by more than 7 per cent – by 7.3 per cent, to be precise. This is the highest growth rate in recent years, and it was made possible thanks to the work done,” said the head of state.

“Over the course of six months, a total of 12.7 billion manats was invested in our country. This is also a very high figure. As a matter of fact, the first six months have been dominated by foreign investment. Domestic investment prevailed in recent years, while the first six months of this year have been dominated by foreign investment. This is also a positive development, as it indicates that Azerbaijan is a very attractive country for investment and that foreign investment is protected at the proper level,” President Ilham Aliyev added.

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