Weekly economic review (Oct.8-12)

Analysis Materials 16 October 2012 11:27 (UTC +04:00)

On Oct.10, President of Azerbaijan Ilham Aliyev presided over a meeting of the Cabinet of Ministers to discuss the results of the country`s socio-economic development in nine months of 2012, and outline further priorities.

President Ilham Aliyev said Azerbaijan`s economy grew 1.1 per cent in nine months of the year, adding the non-oil sector increased 10.3 per cent.

The Head of State noted $16 billion had been invested in the country`s economy over the three quarters.

"Some 70 per cent of this investment came from domestic sources."
He said: "The weight of the private sector in the Gross Domestic Product is 83 per cent. The agricultural sector saw a 6.3 per cent increase. Strategic currency reserves have grown $5 billion from the beginning of the year to make $45 billion." The President said the work continued to study new directions of currency reserves management.

He noted the population`s incomes grew 12 per cent. "The inflation stood at just 1.5 per cent, while average monthly wage is $500 and pension is $190."
The Azerbaijani President said development in the country had had a positive impact on the living standard of people.

President Ilham Aliyev said the industrial output had decreased in recent years, adding this continued in nine months of this year as well.

"However, development processes are moving at a rapid pace in Azerbaijan, and international financial institutions and leading rating agencies praise our country`s achievements." He said: "The execution of the State Program on Socio-Economic Development of Regions saw the creation of 1.1 million jobs so far, while 188 schools have been built and 103 schools have been reconstructed since the start of this year."
President Ilham Aliyev said Azerbiajan`s sport achievements increased in the third quarter of the year, adding the country`s athletes shined at recent London Summer Olympic Games.

The Head of State noted Azerbaijan gained big successes on the international scene.
"Azerbaijan`s position was welcomed with big sympathy in the UN Security Council. All 120 member states of the Non-Aligned Movement support Azerbaijan`s territorial integrity, which means that three fourth of the world community says that the Armenia-Azerbaijan Nagorno-Karabakh conflict must be solved in compliance with the principle of territorial integrity."
The President stressed the building of cooperative relations with the Latin American countries, saying "we are gaining new partners worldwide".

Chairman of the Central Bank Elman Rustamov, Transport Minister Ziya Mammadov and Minister of Labor and Social Protection of Population Fuzuli Alakbarov made reports on what had been done in the country in nine months of the year, and outlined further priorities.

In his closing remarks, President Ilham Aliyev gave instructions to relevant officials with respect to maintaining the inflation level, continuing measures to eliminate consequences of a recent earthquake happened in the western region, improving living conditions of refugees and IDPs, building and reconstructing schools, kindergartens and new roads, meeting the population`s demand for gas, electricity and drinking water, and ensuring food security.

President Ilham Aliyev said the size of preferential loans given to entrepreneurs would be AZN 300 million.

The President noted budget expenditure would be AZN 20 billion in 2013.
The Head of State stressed the necessity of adopting the State Investment Program until the end of this year.

President Ilham Aliyev said gas production in the country increased.

The President noted production of gas from the Umid field started, stressing the importance of the Trans Anatolian Gas Pipeline Project.

President Ilham Aliyev underlined the importance of expanding transport infrastructure in the country even more, and speeding up the development of industrialization process as well as Baku and suburban settlements.

The Head of State spoke of the importance of the second Baku International Humanitarian Forum, adding the results of the forum were productive. President Ilham Aliyev expressed confidence Azerbaijan`s achievements would continue.