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Minister: Azerbaijan's economy jumps four-fold over last 10 years

Business Materials 29 July 2011 13:22
While in the last seven years, Azerbaijan's economy tripled, in the last ten, the country's economy has increased by four times, the Minister of Economic Development Shahin Mustafayev said at the presentation of a special issue of the magazine "The Business Year-Azerbaijan 2011", dedicated to 20th anniversary of Azerbaijan's independence.
Minister: Azerbaijan's economy jumps four-fold over last 10 years

Azerbaijan, Baku, July 29 / Trend N. Ismayilova /

While in the last seven years, Azerbaijan's economy tripled, in the last ten, the country's economy has increased by four times, the Minister of Economic Development Shahin Mustafayev said at the presentation of a special issue of the magazine "The Business Year-Azerbaijan 2011", dedicated to 20th anniversary of Azerbaijan's independence.

"The country conducts a policy of maintaining macroeconomic stability, improves the potential of the national economy, reduces a factor of the oil sector, develops a non-oil sector, and is creating a favorable investment and business environment", Mustafayev said.

Mustafayev said that Azerbaijan's economy successfully withstood the global financial and economic crisis, and has kept growing.

"The recent growth of the non-oil sector ensured total economic growth amid falling oil production and oil prices", the minister said.

Azerbaijan also diversifies its economy by developing such sectors as agriculture, transport and ICT services, particularly tourism and ecology.

Over the last 10 years, the poverty rate dropped from 49 percent to 9.1 percent and continues to fall.

About $100 billion have been invested in Azerbaijan's economy since it gained independence.

"Proportional growth in the non-oil sector in the total volume of investments has recently been observed", Mustafayev said.

Azerbaijan's strategic currency reserves have reached $38 billion.

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