Government Official: Significant Paces of Development of Azerbaijan Economy in 2006

Government Official: Significant Paces of Development of Azerbaijan Economy in 2006

Ogtay Akhverdiyev, the Chief of the Department of Price, Economic, and Credit and Financial Policy of the Cabinet of Ministers of the Country, told Trend that significant paces of the development had been observed in Azerbaijan economy in 2006. It was for the first time in the non-oil sector of the economy when its growth reached 11%.

No CIS country has such a growth in the economy as a whole. The growth could be possible virtually owing to all the fields chemical industry, metallurgy, and particularly the sphere of services, said Mr. Akhverdiyev.

According to him, it speaks about the fact that the Government aims on the development of the non-oil sector to avoid the Holland Syndrome when there has been an increase in allotments from the oil export.

The growth of the oil sector of Azerbaijan economy reached 40%. The growth rates in the non-oil sector in the forecast for 2007 are expected at the rate of 9%, the oil 35%.

Along with the above-mentioned tendency, the increase in the population income is observed as well. Measures are taken to increase wages, pensions, and social allowances

With expanding the country's export potentials, the pressure on the rate of the National Currency is set up to increase. National Bank is doing all possible not to allow an excessive growth of the manta rate, he explained.

It is true that the strengthening of Manat is one of the ways to regulate the inflation rate. Mr. Akhverdiyev is sure that the consumer prices growth rates in the next year will not exceed one-digit figure and will be at the rate of 8.5-8.7%. As to the inflation, it is expected to be at the level of 8 percent in 2007.

Subscribe to Trend in Google News! Subscribe
Eurostat names Turkmenistan-Poland trade volume
Eurostat names Turkmenistan-Poland trade volume
Turkmenistan eyes to join Organization for Cooperation of Railways’ agreements
Turkmenistan eyes to join Organization for Cooperation of Railways’ agreements
Tatneft to improve well flow rate in Turkmenistan’s oil fields
Tatneft to improve well flow rate in Turkmenistan’s oil fields
Loading Bars
Latest
Azerbaijan confirms 359 more COVID-19 cases, 263 recoveries
Price indexes of financial, industrial sectors at Uzbek stock exchange fall
Foreign visitors spending more money in Georgia
Russia’s Astrakhan, Baku discussing possibility of building ships for Azerbaijan
Cargo transportation via Iran’s Mehrabad International Airport up
Market capitalization of Baku Stock Exchange reaches highest level
Iran’s Bahar Azadi gold coin price falling
French agency to support sustainable development of livestock sector in Uzbekistan
Saudi index hits 15-year peak on higher oil prices
SOCAR, Axens ink agreement within modernization of Baku Oil Refinery (PHOTO)
Iran shares figures on date harvesting
Azerbaijan joins logistics project with Russia, Uzbekistan on rapid food supply
Bank of Israel optimistic that Omicron won't harm economic growth
Russia to introduce digital technologies in work with Azerbaijani partners - Russian ministry
Retail sales of computer equipment in Azerbaijan increases
Georgia sees increase in money transfers from Azerbaijan
Brazil keen to import urea and petrochemical products from Iran
Uzbek Commodity Exchange announces weekly quotes of commodities for export
Iran able to provide uninterrupted gas supply countrywide, minister says
Georgia stays on track with hazelnut exports as both value and volume grow
Russia, Azerbaijan have huge potential to further strengthen bilateral ties - ministry
NCOC talks Kazakhstan's Kashagan development plans for 2022
Kazakhstan to take measures for privatization of Samruk-Kazyna Fund's assets
Global unemployment will total 207 mln people in 2022, 21 mln more than in 2019 — UN
Kazakhstan names total amount of damage from riots in Almaty
Uzbek Kapitalbank opens tender for purchase of spare parts for NCR ATMs
Georgia sees increase in money inflow in 2021
Uzbekistan reduces amount of compensation paid for travel companies and air carriers
Kazakhstan unveils foreign trade structure with EAEU countries for 11M2021
Georgia’s records increase in exports, imports – Galt & Taggart
Iran seeks to continue its oil-related projects with China
Decree signed: Georgia's initiative to allow Turkey into its pharma market taking shape
Iran sending commercial delegation to Iraq
India's main cities record sharp fall in COVID-19 infections
Eurostat names Turkmenistan-Poland trade volume
Turkmenistan eyes to join Organization for Cooperation of Railways’ agreements
President Ilham Aliyev meets in video format with Speaker of Parliament of Montenegro Aleksa Bečić (PHOTO/VIDEO)
Why developments in Kazakhstan matter for global oil & gas market?
Uzbekistan increases frequency of trains on Tashkent-Bukhara route
Iran reveals COVID-19 data for January 17
Iran, China to sing exclusive contracts within 25 year deal
VTB Bank Azerbaijan opens tender to renew Web Application Firewall licenses
Training sessions with commanders held in Azerbaijan (PHOTO/VIDEO)
Sale of currency at weekly auctions of Central Bank of Azerbaijan has no impact on Eurobonds - Gazprombank
Kazakhstan Railways company to buy spare parts for elevator
Russia documents 30,726 daily COVID-19 cases, highest number since December 10
First regular bus trips to Azerbaijani's liberated lands may be launched soon
Population’s expenses on pharmaceutical products increase in Azerbaijan for 2021
Hydrogen to lead to emergence of new centers of geopolitical influence – IRENA
Iran to set up underwater pipeline to supply gas to Qeshm Island
Iran opens container shipping route to India
Kazakhstan Railways opens tender to buy spare parts
Azerbaijan changes amounts of official salaries of non-state employees of state structures
ISIPO discloses number of enterprises re-launched in Iran
Kazakhstan's trade with EAEU countries growing
Hydrogen to cover over 10% of global energy use by 2050
Georgia’s construction equipment vendor to represent UK company in Azerbaijan
Azerbaijan Army's engineering units manage movement on snowy roads in liberated lands (VIDEO)
Kazakhstan increases total production, import volume of cereals
Azerbaijan increases monthly salaries of senior sports scouts
TAP’s technical forward capacity by Jan.23
Physical gas flows, nominations at TAP’s interconnections
Central Bank of Iran to test using cryptocurrency for int'l trade transactions
Azerbaijan mine-clearing report for its liberated lands
Overall index of Tehran Stock Exchange drops 11,000 points
Iran keen to boost loading/unloading operations at Amirabad port
Turkish export of electrical goods to Azerbaijan rises in 2021
Executive Power of Azerbaijan’s Baku city opens tender to buy spare parts for trucks
Iran’s Bouali Sina Petrochemical Company sees surge in production
UAE's Mubadala invests $100m in Israeli VC firms
Georgia shares data on visitor inflow from Iran
Tatneft to improve well flow rate in Turkmenistan’s oil fields
SOCAR Energy Ukraine reveals plans for 2022
Number of Turkish jobseekers in Uzbekistan revealed for 2021
Turkey sees increase in number of real estate purchased by Kazakh citizens in 2021
Number of Turkish jobseekers in Kazakhstan drops in 2021
SOCAR Energy Ukraine’s fuel sales returning to pre-crisis level
Easing of budget policy in Kazakhstan may weaken national currency - forecast
Georgia publishes COVID-19 data for January 17
New urgent talks needed with Azerbaijan if IGB is delayed – Bulgargaz
Azerbaijan shares data on volume of mortgage lending
Real estate prices in Azerbaijan expected to grow - expert
Iran eyes new money transfer methods in trade with Russia
Iran launches Car Tax Collection website
Goyal assures full support to IT firms in pushing growth, exports to $1 trn
India's vaccination drive completes 1 yr, Centre launches stamp
Iran's Energy Exchange announces products to be on sale on January 17
Azerbaijani currency rates for January 17
Weekly review of Azerbaijani oil market
Azerbaijan records increase in industrial production for 2021
India Inc expects 2022 to be growth wear
India’s tourism gets a huge push at Expo 2020 Dubai
Iranian currency rates for January 17
Khizi-Absheron wind farm to allow Azerbaijan to increase export of gas - expert
Iran shares data on power generation capacity of HPPs
Kazakh Gas Processing Plant opens tender to buy pumping unit
Investments in Azerbaijan's fixed capital down in 2021
Direct flights launched between Gabala and Moscow (PHOTO/VIDEO)
Weekly review of Azerbaijani currency market
Georgia shares data on tea imports, exports
All news