Azerbaijan's strategic monetary reserves exceed $34bln

Photo: Azerbaijan's strategic monetary reserves exceed $34bln / Economy news

Azerbaijan, Baku, June 2 /Trend, N.Ismayilova/

In 2003-2010, the real GDP in Azerbaijan increased by three times, including in non-oil sector - by two times, foreign trade turnover - 5.4 times, strategic currency reserves - 19 times, according to the "Socio-economic development of Azerbaijan in 2003-2011" report by the Center for Strategic Studies under the President of Azerbaijan.

"The volume of GDP per capita, compared with the figure for 2003, which amounted to 872.7 manat, nominally increased by 5.3 times, but really - 2.7 times and amounted to 4,653.3 manat in 2010," the report said.

The unemployment rate in the country decreased by 1.6 times, while the poverty rate by 4.9 times. Over the past seven years, income growth (4.5 times), beating the inflation rate (1.9 times), ensured real growth in incomes by 2.3 times.

Strategic monetary reserves in the first quarter of 2011 reached $34.2 billion, with $25.797.9 million accounting for assets of the State Oil Fund of the country, and $6.718 million - Central Bank reserves.

In the first quarter 2011 the average monthly wage in the country amounted to 340 manat or $430.

A steady development has been recorded in the industrial sector, of which share in GDP exceeds 50 percent (in 2010, 52.5 percent), over the past eight years, and upon the average estimate, the real growth rate of production reached 14.7 percent.
Official rate on June 2 is 0.7893 AZN/USD.

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