Ilham Aliyev: Azerbaijan's economy grew by 1.3%

10.07.2018,11:27


July 10, Fineko/abc.az. Azerbaijan's GDP increased by 1.3% for the past 6 months.

When delivering speech at the Cabinet Ministers’ meeting devoted to the results of socio-economic development in the 1st half of 2018 and the upcoming tasks, President Ilham Aliyev stated this is a good index, and the best indicator is the fact that the non-oil sector has grown by 2%.

"Industrial production increased by 1%, but this is an acceptable figure. The non-oil industry grew by 8.8% that testifies that investments in the non-oil sector and support given to entrepreneurs bear their fruits. Agriculture observed a rise of 7.6%, particularly more than 14% in the field of crop production," the head of state emphasized.

According to the country’s leader, 67,000 new jobs have been created since the beginning of the year and 58,000 of them are permanent. Investments for $6 bn were made in the domestic economy. Inflation makes up only 3%. Population's cash income increased by 9.3%. The low level of inflation testifies that macroeconomic stability is provided fully in the country.

"Foreign trade turnover increased by 35%, exports by 34%, including nonoil exports by 20%. The positive balance of foreign trade is $4.2 bn and this figure is likely to increase further by the end of 2018. Since early 2018 our foreign exchange reserves have grown up to $44.3 bn. Before the end of the current year, this figure will further grow. That testifies shows that we are developing very confidently. Economic growth is going to continue. Large work has been done in the industrial and agricultural sectors this year. There are already excellent results. I am sure that by the end of the year there will be even better results. Thus, the dynamic development of our country is provided," President Aliyev underlined.