Azerbaijan’s head: Economy growth in our country is result of policy of industrialization


October 10, Fineko/ A meeting of the Cabinet Ministers chaired by Azerbaijani President Ilham Aliyev was conducted on the results of socio-economic development for the past 9 months of 2018 and the upcoming tasks.

The country’s leader stated that the Jan-Sept indicators give a reason to say that Azerbaijan achieves the desired.

"For Jan-Sept of the year the domestic economy, in particular GDP, increased by 0.8%. Growth in the nonoil sector makes up 1%. Industrial production grew by 2% and nonoil industry by 10.8%. Over the past 9 months growth in agriculture reached 4.3%. This indicator is the result of the industrialization policy pursued in Azerbaijan," President Aliyev emphasized.

According to the country’s head, inflation makes up only 2.6%, and income growth 9.5%. For the first 9 months of 2018 investments in Azerbaijani economy totaled $9 bn. It gladdens that $5.6 bn of those investment financing was made in the nonoil sector. Foreign exchange reserves reached $45 bn. Since the beginning of the year an additional $3 bn were accumulated.

"Over Jan-Sept 2018 foreign trade turnover increased by 37%. Exports increased by about the same amount. And the nonoil export grew by about 14%. For the past 9 months 85,000 permanent jobs were opened in our country," the president underlined.