Azerbaijani Economy Regains New Quality - Azerbaijani Prime Minister

Business Materials 16 March 2007 17:28
Azerbaijani Economy Regains New Quality - Azerbaijani Prime Minister

Azerbaijan, Baku / Trend , corr I.Khalilova / The Milli Majlis [Azerbaijan Parliament] heard a report by the Azerbaijan Government for 2006.

Presenting the report Azerbaijani Prime Minister Artur Rasizade announced that three years ago Azerbaijani economy entered qualitatively new stage, which characterized by two decisive peculiarities. The first is the successful continuation of the socio-economic development and the second is the deepening of economic and institution reforms.

He cited the directions comprising the basis of activities of the Cabinet of Ministers. In this period a set of measures have been implemented in the direction of development of oil sector, regions, social sector, and improvement of the infrastructure. Some effective measures were carried out for the security of the country, resolution of unemployment problems and other directions.

The GDP rose 1.4 times as compared to 2003, while the amount of the per capita GDP increased 2.7 times. Over the past 3 years money incomes rose 1.8 times, average monthly wage - 2 times, social expenses - 3 times, investments - 7.8 times, defense expenses - 2.4 times budget expenses and incomes - over 3 times. In this period over $14bln has been invested in country's economy.

The quartile meeting of the Cabinet of Ministers discusses current and strategic issues, defines concrete ways for the resolution of different problems, which consequently gained great achievements in al directions of economy in 2006.

Last year was remarkable with historical and economical events targeting provision of the energy security of the Baku-Tbilisi-Ceyhan main export oil pipeline, which assumes the world significance, the adoption of resolutions on the construction of the Baku-Tbilisi-Kars railway routes. As a result of deepening of socio-economic reforms, a relevant legal-normative basis was established in 2006 within the framework of pension reform system, targeted state social aid was applied, the issue of mortgage was commenced, and the process of denomination was has been set up. Furthermore, a problem of gasification of the Nakhchivan Autonomous Republic was concluded.

The State Program on environmental protection and improvement of ecological situation in 2006-2010 has been developed and sanctioned.

Last the real growth rate of the Gross Domestic Product (GDP) was 34.5%, while at current prices it is 17.7bln manats. The per capita value added cost increased 33% and reached $2,400. Some international financial organizations and banking bodies included Azerbaijan in a list of dynamically growing countries.