Baku, Azerbaijan, Nov. 21
By Anvar Mammadov – Trend:
The pace of recession of the Azerbaijani economy declined from 3.9 to 0.6 percent during the year, said the country’s Finance Minister Samir Sharifov.
He made the remarks during a discussion on the state budget for 2018 at a plenary session of the Azerbaijani parliament Nov. 21.
Sharifov noted that Azerbaijan’s non-oil economy also increased by 2.5 percent in the period.
“The trend towards a positive balance in the trade balance and balance of payments has also increased. As a result of stimulating the non-oil exports, a surplus in the amount of $4.4 billion was accumulated in the foreign trade balance,” said the minister.
Sharifov noted that as a result of saving foreign exchange reserves, foreign currency revenues to the country, as well as other monetary and fiscal measures, the deficit of the state budget decreased by 12 percentage points since early 2017 and a surplus of 1.2 percent of GDP was reached in January-September 2017.
“The aggregate foreign currency reserves of the public sector rose by 10 percent or $4.5 billion during the period,” said the minister.
Moreover, the rate of Azerbaijani manat against the US dollar has strengthened by more than 10 percent since early 2017, he added.