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Azerbaijan’s economy developing due to purposeful economic policy of President Ilham Aliyev – MPs

Economy Materials 14 April 2022 15:21 (UTC +04:00)
Azerbaijan’s economy developing due to purposeful economic policy of President Ilham Aliyev – MPs
Humay Aghajanova
Humay Aghajanova
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BAKU, Azerbaijan, April 14. The results of the first year of the post-Karabakh conflict period give reason to say that as a result of the economic policy pursued by President Ilham Aliyev, all the tasks set are being implemented, Member of Azerbaijan Parliament (Milli Majlis), economist Vugar Bayramov told Trend.

Previously, a meeting dedicated to the results of 1Q2022 was held under the chairmanship of President of Azerbaijan Ilham Aliyev. It was noted at the meeting that despite global shocks, the Azerbaijani economy was able to maintain rapid growth rates over the past quarter. The GDP increased by 6.8 percent in 1Q2022.

The non-oil economy grew by more than 10 percent. External public debt has been reduced. The external public debt was 18 percent of GDP in April 2021, at present it is only 12.5 percent. Azerbaijan reduced its external debt by more than $600 million over the year.

"The international community has accepted the post-conflict realities from a political viewpoint, interest in Azerbaijan has increased even more. This interest is manifested in large investment projects. The foundation was laid for two renewable energy power plants in just three months of this year," Bayramov said.

The increase in the minimum wage at the beginning of 2022 and the wages of public sector workers also affected the average monthly wage in the country, he noted.

"The average monthly salary increased by 11 percent from January through February 2022 compared to the same period last year and amounted to 768.3 manat ($452). The number of employees increased by 3,600 people, or 0.2 percent, compared to the same period last year and amounted to 1.68 million people, of which 902,500 work in the state sectors and 779,600 - in the non-state sectors,” the MP added.

"Exports exceeded imports by $5.1 billion in 1Q2022, which contributed to a large positive balance in the foreign trade balance," he said.

The rise in prices observed in the world market over the specified period did not bypass the Azerbaijani consumer market, the MP noted.

The consumer price index amounted to 112.2 percent in 1Q2022, including 117.0 percent for food products, drinks and tobacco products, 106.2 percent for non-food products, paid services to the population - 110.1 percent, compared to the corresponding period of the last year, Bayramov said.

The consumer price index was 101.1 percent in March 2022, compared to the previous month and 112.1 percent compared to March 2021. Measures have intensified to mitigate the inflation growth, new incentive mechanisms are already being offered to entrepreneurs, during the reporting period, he added.

"In general, the results of 1Q2022 indicate a continuing trend in the growth of the Azerbaijani economy," Bayramov said.

Meanwhile, MP Sevinj Huseynova told Trend that Azerbaijan has successfully developed in all areas, including in the sphere of socio-economic development during the first quarter of 2022.

"The GDP growth of 6.8 percent is a major achievement in the post-COVID-19 period and growth was observed in all spheres of our economy. The non-oil economy grew by more than 10 percent, industrial production - by 4 percent, non-oil industrial production - by more than 18 percent, foreign trade turnover - by more than 60 percent," Huseynova said.

“Increase in the volume of investments in the non-oil economy of Azerbaijan also was noted. The volume of funds allocated to the non-oil and gas sector increased by 10.1 percent in 1Q2022,” she noted.

Huseynova went on to say that Azerbaijan has successfully completed the 1Q2022 in regards to social sphere and implementation of socially oriented projects has continued.

“Social payments were provided to family members of martyrs, disabled war veterans and participants of the Karabakh war. A total of 103,000 social payments was assigned to 93,000 unique recipients,” Huseynova said.

Measures have been taken for employment of 11,000 family members of martyrs and disabled war veterans. Half of them are involved in the self-employment program, she noted.

Huseynova noted that some 200 apartments were provided to family members of martyrs, disabled war veterans and war participant in 1Q2022 and another 1,500 apartments are planned to be provided by the end of the year.

"The main factor contributing to the implementation of all these measures is economic development of Azerbaijan. Our economy continues to develop as a result of the purposeful policy pursued by President of Azerbaijan Ilham Aliyev," Huseynova emphasized.

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