Details added (first version posted on 12:28)
Baku, Azerbaijan, Nov. 30
The ongoing global economic crisis, the sharp decline in oil prices since 2014, and other external factors have eventually contributed to creation of a qualitatively new macroeconomic situation in Azerbaijan, said Azerbaijani Finance Minister Samir Sharifov.
Sharifov made the remarks during a discussion on the country’s draft state budget and the concept of socio-economic development for 2017 and the next three years in Baku Nov. 30.
The state budget was discussed at a joint meeting of the parliamentary committees on defense, security and fighting corruption, economic policy, industry and entrepreneurship, agrarian policy, public unions and religious organizations, natural resources, energy and ecology on Nov. 30.
“Rate of real growth of Azerbaijan’s GDP is projected at 1 percent, while growth of the country’s non-oil GDP is projected at 2.5 percent in 2017,” Sharifov said.
He added that the country’s GDP is expected to reach 58.8 billion manats (official exchange rate on Nov. 30 is 1.7318 AZN/USD) in 2016, which is 2.8 percent less than in 2015.
The minister also stressed that the macroeconomic stability remains the main objective and the state budget compression will continue.
“The new economic changes, realities as well as strategic challenges faced by Azerbaijan were taken into account in the draft state budget for 2017,” he said.
Moreover, certain financial provision was created in the state budget to continue the social-oriented policy, Sharifov added.