Macroeconomic stability led to GDP growth of 1.4%


May 21, Fineko/ Today, the Committee on Economic Policy, Industry & Entrepreneurship held a meeting at Milli Majlis.

Speaking at the meeting, Deputy Finance Minister Azer Bayramov pointed out that strengthening of macroeconomic stability was achieved last year. GDP growth made up 1.4%, growth of income per capita 8.2%, the stability of the national currency was preserved.

Earlier this year country’s total foreign exchange reserves totaled $44.5 bn that exceeded foreign debt almost 5-fold and amounted to 94.8% of GDP in 2018.

"As a result of the fluctuations observed in world energy prices, the sale price of 1 barrel of Azeri Light crude oil in the world markets in 2018 amounted to an average of $73.1 that is by 31.9% more versus 2017 and by 32.7% more against the projected price indicators," Bayramov stressed.