BAKU, Azerbaijan, May 5. Azerbaijan is a country with a rapidly developing economy, Assistant to the President of Azerbaijan, Head of the Department of Economic Policy and Industry of the Presidential Administration Natig Amirov said during an event dedicated to the 100th anniversary of national leader Heydar Aliyev, Trend reports.
According to Amirov, this is confirmed by such indicators as the growth of the country's nominal GDP in April 2023, compared to the same period of 2003, by 22 times - up to 133.8 billion manat ($78.7 billion).
"Besides, the income of the population of our country for the same period increased by 13.7 times, and strategic foreign exchange reserves – by 41 times, from $1.6 billion (in 2003) to $65.9 billion as of 2023," Amirov noted.
The official pointed out that the banking sector of Azerbaijan also shows dynamic growth from year to year.
"At present, the assets of Azerbaijani banks amount to 44.8 billion manat ($26.3 billion), over 11 billion manat ($6.4 billion) of which account for business loans. Dollarization in the country, in particular, the number of loans in foreign currency, has significantly decreased," Amirov added.
Azerbaijan's GDP from January through March 2023 increased by 0.4 percent to 30.31 billion manat ($17.8 billion) compared to the same period in 2022.