Minister: Azerbaijan's economy develops successfully despite global financial crisis

Business Materials 3 May 2011 15:00 (UTC +04:00)

Azerbaijan, Baku, May 3 / Trend A. Badalova /

Azerbaijan's GDP tripled from 2004 to 2010, Azerbaijani Economic Development Minister Shahin Mustafayev said at the third session of an intergovernmental commission on economic, trade and technical cooperation between Azerbaijan and the UAE.

"The non-oil sector has doubled over this period, the oil sector has increased 4.8 times, state budget revenues 9.3 times, costs 9.5 times, and strategic currency reserves 18.2 times," he said.

"Despite the global financial crisis, Azerbaijan's economy developed successfully in 2009," he said. "GDP growth was observed at 9.3 percent."

He said the locomotive of Azerbaijan's economic development is large reserves of hydrocarbons in the oil and gas sector.

The country's leadership pays special attention to the non-oil sector, in particular the development of entrepreneurship, Mustafayev said.

The GDP growth reached five percent in 2010.

The minister said Azerbaijan's strategic currency reserves are $34.2 billion.