Over $156 bln invested in Azerbaijan’s economy

Photo: Over $156 bln invested in Azerbaijan’s economy  / Business News

Baku, Azerbaijan, Dec. 10

By Huseyn Valiyev - Trend:

The total volume of investments in Azerbaijan's economy exceeds $ 156 billion, Azerbaijani Economy and Industry Minister Shahin Mustafayev said at the Azerbaijan-Saudi Arabian business forum in Baku on Tuesday.

"Around a half of the investments fell to foreign countries," he said.

"The private sector share is 85 percent in Azerbaijan's GDP," he said. "In general, Azerbaijan's GDP has increased 3.4 times, while GDP per capita has grown threefold in the last 10 years. The state budget revenues for the period have increased 19 times. The foreign trade turnover has increased nine-fold in ten years."

The poverty level declined eight times, reaching 5.5 percent in the last 10 years.

"Currently, Azerbaijan's economy accounts for more than 70 percent of the entire economy of the South Caucasus," the minister said. "The country continues diversifying the economy and the bulk of the gross domestic product is generated in the non-oil sector. The country's external debt is only 8.3 percent of GDP, while strategic currency reserves exceed an external debt up to ten times."

Translated by NH

Edited by CN

Follow us on Twitter @TRENDNewsAgency