Azerbaijan’s Economy Increased By Almost 50%

Azerbaijan’s Economy Increased By  Almost 50%

Azerbaijan, Baku / Trend , corr. U. Ismayilova / Ogtay Akhverdiyev, the Chief of the Economic and Financial and Credit Policy of the Apparatus of the Azerbaijan Cabinet of Ministers, has stated today that according to the results of the first quarter of 2007, Azerbaijan's economy has increased by 49% and the country's industry by 38 %.

According to Akhverdiyev, over the first quarter, the growth in the oil industry reached 12 %. An 8% growth was observed in the food industry during the same period. "The cause of this increase is due to the private sector," he said.

The results of the first quarter of 2007 showed that money income has dynamically increased in the country (expenditure by 35 % and per capita 33%). The average monthly salary in the country has increased by 26% ($188). The corresponding amount of salaries in the oil industry in the Country was $620 and $450 for Azerbaijani citizens.

Some AZN 1.8 bln. of State expenditure is expected to be sent to the investment payments of the country, while 87% of these funds will be to develop the infrastructure in the country. "This will not be utilised only for highways and bridges, but also for a programme intended to reduce the poverty level in the country," he added. According to Akhverdiyev, the reduction of poverty envisages not only further increases in salaries of the population but also the development of the water supply and collection systems, education, healthcare and protection, etc.

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