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Azerbaijan's economy to grow by 1.5% in 2018 - Finance Minister

Economy Materials 28 December 2017 05:16 (UTC +04:00)
Azerbaijan's economy will grow by 1.5% next year.
Azerbaijan's economy to grow by 1.5% in 2018 - Finance Minister

Baku, Azerbaijan, Dec. 28

Trend:

Azerbaijan's economy will grow by 1.5% next year, said Samir Sharifov, the country’s Finance Minister in an interview with state TV channel AzTV.

"The balance of the foreign trade of the country is positive, and amounts to five billion dollars. The country received more foreign currency. This suggests that the state's measures aimed at reducing dependence on imports yield results", he said.

Of course, he said, there is also the role of raising the price of oil, but at the same time, the policy pursued in the country aimed at stimulating exports and import substitution, give their positive results.

He also stressed that, local production is growing. "And this, of course, has a positive impact on the currency position, contributes to an increase in foreign exchange reserves," Sharifov added.

The Minister also noted that at the moment the share of the non-oil sector in GDP is approaching 70 percent. "This process will continue, because there is a decline in the oil sector and this is a natural process," the minister said.

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