Azerbaijan's successful policy ensured stabile socio-economic development: President Ilham Aliyev

Politics Materials 22 April 2009 19:12 (UTC +04:00)

Azerbaijan, Baku, April 22 / Trend / 

New period of economic development began in Azerbaijan in 2009, AzTV television channel quoted Azerbaijani President Ilham Aliyev as saying at the Cabinet of Ministers meeting on results of socio-economic development in Q1 of 2009.

"Azerbaijani economy grew 2.6 times, industrial production 2.5 times, budget expenditures over 10 times over the last five years," President said.

Azerbaijani President said although global economic crisis has impacted all countries worldwide, "our country's successful policy pursued for the last five years ensured stabile socio-economic development in the first quarter of 2009."

Azerbaijani GDP grew 4.1 percent compared to the same period of the last year in January-March, President said.

"This is a high indicator amid global crisis. It is noticeable that the non-oil sector growth was 14 percent in the first quarter despite problems," President Aliyev said.

He said the country achieved such growth rates not due to the oil and gas sector, but strong economic policy and reforms. The Azerbaijani government will continue to render support to the development of entrepreneurship and increase funds for them via the National Entrepreneurship Support Fund on the backdrop of the world crisis, the President said.

Azerbaijan remains attractive country for foreign investors, President said pointing to the construction of a new cement plant worth 300 million euro.

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