11:15 - 11.01.2018

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January 11, Fineko/abc.az. Azerbaijani President Ilham Aliyev summed up the results of country’s socio-economic development in 2017 at the meeting of the Cabinet Ministers.

The head of state has stated that in 2017 the country developed rapidly and successfully, and there is confidence that those positive trends in Azerbaijan are going to increase in 2018 as well.

"In 2017, we achieved great success in the economic sphere. At the beginning of the year I stated that 2017 should be the year of deep economic reforms. And so it happened, international financial institutions confirm that. Over the past year the domestic economy grew. Gross domestic product, though not much, but increased. The fact that the non-oil sector has increased by 2.5% gladdens most of all. Non-oil industry and agriculture increased by 3.6% and 4.1% respectively. Foreign exchange reserves grew by $4.5 bn up to $42 bn. Taking into account the population of our country, I believe by the volume of foreign exchange reserves per capita in a global scale, Azerbaijan ranks one of the leading positions," the head of state said.

He added that country’s economy was invested $14.6 bn and this figure testifies that both local and foreign investors are interested to invest in Azerbaijan. Foreign investments are made only in stable countries and therefore raising investments for about $15 bn during the year is a great achievement.

Last year export grew by 19% and non-oil export by 24%, while import rose only by 1%. Positive trade balance is $6.2 bn.