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Deputy minister: Azerbaijan begins to achieve 2014 socio-economic development goals

Business Materials 14 November 2013 17:58 (UTC +04:00)
Azerbaijan has already laid the foundation for the successful implementation of its 2014-2017 socioeconomic plans, Azerbaijani Deputy Minister of Economy and Industry Sevinj Hasanova said while discussing the budget package in the parliament today.
Deputy minister: Azerbaijan begins to achieve 2014 socio-economic development goals

Baku, Azerbaijan, Nov. 14

By Emin Aliyev - Trend:

Azerbaijan has already laid the foundation for the successful implementation of its 2014-2017 socioeconomic plans, Azerbaijani Deputy Minister of Economy and Industry Sevinj Hasanova said while discussing the budget package in the parliament today.

The budget package includes the forecasts for socio-economic development of the country in 2014-2017, prepared by the Ministry of Economy and Industry.

"While speaking about these fundamentals, the activity of the Azerbaijan Export and Investment Promotion Fund (AZPROMO), as well as the establishment of the Azerbaijan Investment Company must be stressed," she said. "Moreover, such important and major projects as the Sumgait Technology Park, the Sumgait Chemical Industrial Park, the steel complex in Ganja, the Balakhan Technology Park in Baku and other infrastructure facilities that are already contributing to the development of the national economy are being implemented. We have already received about 20 investment proposals for the Sumgayit Chemical Industrial Park. The relevant certificates have been already issued for two enterprises."

Moreover, Hasanova informed MPs about the specific indices, reflected in the forecasts.

"In 2014, real GDP growth is expected to reach 5.2 percent," she said. "In 2015, the country's GDP is projected to reach 59.4 billion manat (5.8 percent growth), in 2016 - 63.1 billion manat (4.8 percent growth) and the country's GDP will reach 67.3 billion manat with six percent growth in 2017. The oil sector share of GDP in 2014-2017 will decrease from 38.5 percent to 27.6 percent. In 2015 the figure will hit 32 percent, in 2016 - 29 percent. The non-oil sector share in GDP will increase from 61.5 percent in 2014 to 72.4 percent in 2017. It is expected that in 2015 the non-oil sector share will hit 68 percent and - 71 percent of GDP in 2016."

The official exchange rate is 0.7843 AZN/USD on Nov. 14.

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