12:27 - 10.04.2018

---

April 10, Fineko/abc.az. The Azerbaijani president-chaired meeting of the Cabinet Ministers, held yesterday, was dedicated to the results of socio-economic development in the 1st quarter of 2018 and the upcoming challenges.

During the session the head of state stated that in the 1rst quarter Azerbaijan's economy grew by 2.3% that is an excellent indicator exceeding growth rates in global scale, and growth in the non-oil sector made up about 3% and this is the result of policy on diversification of country’s economy.

"Industrial production increased by 2% and non–oil industry by about 10% for the 1st quarter of 2018. This is the result of policy of industrialization our country has been pursuing in the last few years. Our non-oil industry has increased by 10%, and I think this indicator could be considered a record. Agriculture grew by 4.2%," President Ilham Aliyev said.

According to President Aliyev, investments for $3.5 bn were made in the domestic economy, and substantial part of investments relate to foreign ones.

"Currency reserves increased by $2.2 bn and reach $44.2 bn. An increase of currency reserves for the first 3 months by more than $2 bn testifies that, on the one hand, we use these reserves very economically, and on the other hand, this is a result of our last years’ successful oil policy, as those finances also contain a bonus of $450 million from last year-signed contract relating to the extension of the period of operation oilfield Azeri-Chirag-Guneshli,” the president said.

The head of state pointed out that foreign trade turnover increased by 31%, non-oil export by 37%, and total export by 24%. It was created 34,000 new jobs, including 31,000 permanent jobs, in the 1st quarter 2018. For the first 3 months population’s income increased by about 10% and inflation only by 4%.