BAKU, Azerbaijan, Aug. 24
Trend:
The economic situation in Azerbaijan in seven months of this year is satisfactory, the economy has decreased by only 2.8 percent, Azerbaijani President Ilham Aliyev said at the meeting with power engineers after viewing the construction of a 330/220/110 kV Gobu substation with a capacity of 1,000 megawatt and laying of a foundation stone for a 385-megawatt Gobu Power Station, Trend reports.
“At the same time, industrial production is increasing as well. Even this year, non-oil industry has increased. I can note that despite the negative impact of the pandemic on the economy of practically all countries – the economic recession in some developed countries is even at the level of 10-15-20 percent," said the president.
"However, we must also take into account that the oil price has dropped, which had a negative impact on our economic development. At the same time, as a result of the OPEC+ agreement, our production has slightly decreased as well. However, there is growth in industry, including the non-oil industry, and this growth constitutes 13 percent in the first seven months of this year. These are the realities of today's Azerbaijan. This once again gives us grounds to say that further steps should be taken to build power plants and extend the life of existing ones. We are using and should continue to use our energy potential to the maximum,” President Ilham Aliyev said.