Minister: “Though the oil went down two times, Azerbaijan’s economy grew over 5%”

Baku: Azerbaijan’s economy makes over 75% of South Caucasian economy, said the Minister of Economy and Industry Shahin Mustafayev at the conference “Azerbaijan 2020: Towards innovative and diversified economy” within the 48th Annual Meeting of the Board of Governors of the Asian development Bank (ADB).

“Regarding Azerbaijan’s current economic development level, I’d like to note that under as a result of regularly and all-round reforms under the leadership of President Ilham Aliyev, GDP tripled, per head GDP rose 2.6 times, industry increased 3.6 times, agriculture grew 1.4 times, state budget revenues expanded 12 times”, Mustafayev said.

Mustafayev also noted that for per head gross national income, Azerbaijan entered upper middle incomes countries list from low-middle income countries list. In the Human Development Report, Azerbaijan promoted to “High Human Development” group from “Medium human development” group.

He said that as a result of these measures, budget deficit was not over 1% of GDP, external debt made 8.6% of GDP and current currency reserves exceeds these debts by 8 times: “It’s not accidental that despite non-stability in energy market, decline of oil price by two times, the economy in the first quarter rose 5.3%, as well as non-oil sector increased 7%”.

SOURCE: Azeri Press News Agency