Weekly economic review (march 12-17)

The Azerbaijani Parliament approved the Azerbaijani government's report on the activity in 2011 last week.

The government's report was presented to the parliament by Prime Minister Artur Rasizade.

Rasizade said that the Azerbaijani government's goals were achieved in 2011.

Maintaining the macroeconomic stability, accelerated development of non-oil sector, food and energy security, strengthening the military potential of the country and the defense complex, constant improving level of human capital are the government's main objectives for 2011 set by President Aliyev," Rasizade said.

The government fulfilled several measures to ensure sustainable socio-economic progress to accomplish these tasks. As a result of these measures, the objectives were achieved. A course of economic modernization has given results.

During these years the country's GDP increased by three times, the state budget revenues by12.9 times, investment in general five times, including the non-oil areas which rose by 14.1 times. The real incomes of the population rose 2.6 times with more than a million new work places being created, living standards improved and the poverty rate decreased by 5.3 times, " Rasizade said.

"In 2011 the rate of the manat remained stable, inflation was kept at a single digit level which eventually formed the basis for the growth of the population's real income," said Rasizade.

He said as a result of the diversification policy carried out in Azerbaijan, development of social and industrial infrastructure in 2011 and a high growth of 9.4 per cent in non-oil sector was achieved.

He said the increase in wages of workers in science, education, health, culture, agriculture, land reclamation and other areas, the rise in benefits for the families of martyrs, war invalids and poor families made it possible to improve the social situation of 1.8 million people.

"During the year funds to the sum of 399 million manat were spent addressing the social problems of refugees and the homeless," said Rasizade.

"In 2011, $21.7 billion was invested in the Azerbaijani economy from all financial sources, including $15.7 billion dollars in the non-oil sector. Some 60 per cent of all investments fell to domestic ventures," Rasizade stressed.

He said in 2011 the country's trade turnover grew by 30 per cent to reach $36 billion and strategic currency reserves increased during the year exceeding $40 billion.

"Reforms in the pension system implemented in 2011 allowed an increase in pensions to around 900,000 retirees to an average of 40 per cent," Rasizade said.

Azerbaijan maintained the stability of its economy and macroeconomic balance in terms of the crisis in world markets in 2011.

It was also stressed by international financial institutions and rating agencies.

In the reporting year, Azerbaijan among the countries with above average income, high human development, has become a leading country in the region.

"Significant work to implement the strategy of the oil and energy
security of the country was carried out in 2011. Rich hydrocarbon reserves have been found in the result of exploration work in the fields of Umid and Absheron," Rasizade said.

Iran boosts aluminum ingots production
Iran boosts aluminum ingots production
Kazakhstan's export to EAEU states grows over six years
Kazakhstan's export to EAEU states grows over six years
Value of Iran’s exports grows
Value of Iran’s exports grows
Loading Bars
Latest
Ministry discloses volume of cargo transshipped through Turkish Gemlik port
Iran reveals COVID-19 data for May 18
Turkmenistan may participate in new transport corridor
Austrian companies eye cooperating with Uzbekistan in energy sector
Total annual energy investment to surge by 2030
Iranian energy minister talks electricity generation, water shortages
Volume of cement imported by Austria from Turkey disclosed
Ministry discloses volume of clothes exported from Turkey to Turkmenistan
Georgian Prime Minister to visit Spain
Azerbaijan's liberated Zangilan district to become transport hub of region - CAERC
Turkmenistan invites Russia's Tatarstan to take part in country's infrastructure projects
Uzbekistan, Kyrgyzstan eye increasing potential of transport corridor to China
Iran’s PMO unveils volume of cargo loaded, unloaded in Jask port
Iran boosts aluminum ingots production
Electricity facilities put into operation in Iran
Kazakhstan's export to EAEU states grows over six years
Demand of Azerbaijani banks for foreign currency surges - Central Bank
Decisions on troop interaction clarified for Azerbaijan's military exercises (PHOTO)
Value of Iran’s exports grows
Solar panel stations launched in Iran's Kerman Province
France decreases imports of Kazakh-made foods y-o-y
Azerbaijan starts construction of infrastructure of Horadiz-Aghband railway
SMEs dominate Kazakh exports to EAEU
Azerbaijan starts work to prepare tourist routes in liberated territories
Lending via credit letters in Azerbaijan shrinks
Kazakhstan boosts imports of Turkish chemicals
Design work at Uzbekneftegaz GTL plant completed
Azerbaijan names volume, amount of oil supplies to Spain from early 2021
OMV Petrom completes selling off its subsidiaries in Kazakhstan
Preparations for 2021 F1 Azerbaijan Grand Prix nearing completion in Baku
World Bank to finance development of water services sector in Uzbekistan
Turkey doubles crude oil imports from Kazakhstan
Monday.com files for Nasdaq IPO
Armenian ex-minister of transport & communication detained
Georgia reports 1,562 coronavirus cases for May 18
Georgia sees increase in number of cattle
World Bank to assist Uzbekistan in modernization national innovation system
Turkey records 4M2021 decrease in number of labor migrants to Azerbaijan
Azerbaijan working on introduction of AI in public administration system
Kazakhstan's revenue from passenger air transport increases
Azerbaijan discloses 4M2021 data on gas exports to Turkey
Turkmenistan considering possibility of expanding co-op with transport companies of Russia’s Tatarstan
UK company eyes projects on territory of free economic zones of Uzbekistan
No new oil, natural gas fields required amid net-zero emission activity– IEA
Uzbekistan to use Hungarian experience to stimulate socio-economic dev’t of several regions
Georgia, Ukraine pledge to enhance co-op on path to Euro-Atlantic integration
Kazakhstan boosts exports to Spain despite COVID-19
Net-zero emissions to require huge amounts of new infrastructure
Kazakhstan announces 4M2021 investments attracted amid economic recovery
Turkey reports increase in 4M2021 clothes exports to Kazakhstan
Prices of precious metals in Azerbaijan grow
Belarusian Defense Minister arrives in Azerbaijan on official visit
Azerbaijan issues data on oil exports to Italy for 4M2021
Kazakhstan’s Oil Construction Company opens tender to buy pipes
Banks in CIS region vulnerable to high credit risks - S&P
Iran Tobacco Company discusses cigarette market
Turkey discloses 1Q2021 volume of cargo shipment via Botas port
Turkmenistan, Kyrgyzstan interested in expanding partnership in various sectors
Georgia sees increase in wine export
Azerbaijan sees increase in oil prices
Azerbaijani currency rates for May 18
Iranian currency rates for May 18
UAVs conducting reconnaissance during Azerbaijan's military exercises (VIDEO)
World Bank to assist Uzbekistan in dev’t of strategy for promotion export products
Qatari company eyes to co-op with Uzbekistan in creation of modern greenhouses
US Lawmakers Introduces Resolution To Support India During Covid Crisis
Digital twins becoming integral part of oil & gas operations
India Inc's foreign investment jumps over two-folds to $2.51 bn in Apr'21
Indian FDI hits all-time high in FY21; forex reserves jump over $100 bn
Uzbekistan’s 1Q2021 share of small business in industrial production revealed
Central Bank of Iran injects liquidity into banks
Sputnik V's Limited Rollout Begins In Hyderabad, Visakhapatnam Tomorrow
Immediate de-escalation need of the hour: India on escalating tensions between Israel and Gaza
Second batch of Russian Covid-19 vaccine reaches Hyderabad
Uzbek-Chinese JV opens tender for material for repairing defect in main gas pipeline
Biggest-ever consignment of over 3,600 oxygen concentrators lands in Delhi from China
Will Keep Providing Assistance To India In Fight Against Covid: US
India’s Covid-19 2nd wave ‘slows’
Russian, Chinese leaders to attend ceremony to build nuclear energy project
Air raid sirens sound in southern Israel
TAP offering three expansion scenarios
Uzbekistan reveals COVID-19 data for May 18
Oil rises as U.S., Europe reopen economies
Georgian ATC launches new projects
Baku one of most beautiful, warmest cities - famous Kazakh writer Olzhas Suleimenov
TAP reveals gas transportation volume since start
US presidential advisor phones Azerbaijani president
U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack
Georgia introduces new tax initiatives
Georgia, China discuss prospects for further deepening cooperation in various fields
Georgia, Ukraine and Moldova to boost security and defense co-op with EU
Finland offers Azerbaijan knowhow in ports industry
Georgia may adjust budget for 2021 - Minister of Finance
Georgia plans to revise its 2021 economic growth forecast
Tourism in Georgia recovering faster than expected - Minister
DSK Bank provides short-term loan for IGB
Georgia plans to open land borders
USAID, Gazelle Finance to allocate funds for Georgian SMEs
MTBS to update business model for Georgian Anaklia deep seaport project
TAP launches binding phase of its market test
All news