Azerbaijan's GDP growth hit 2.2%

In 2012, just as in the previous year, GDP growth in Azerbaijan was entirely provided by the non-oil sector and was at 2.2 percent.

This was stated by the Minister of Economic Development Shahin Mustafayev during his speech at the meeting of the Cabinet of Ministers on outcomes of socio-economic development in 2012 and tasks for 2013, held on Tuesday under the chairmanship of President Ilham Aliyev.

The growth of non-oil sector last year was at 9.7 percent, its share in GDP rose to 52.7 percent.

"The volume of information and communication services grew by 15.9 percent, transportation - by 3.5 percent, including the non-oil cargo - by 3.5 percent, retail trade - by 9.6 percent. Inflation rate was at 1.1 percent," Mustafayev said.

During the 11 months of last year foreign trade turnover with 152 countries totaled $39.5 billion, the foreign trade balance was positive and amounted to $22.6 billion, non-oil exports grew by 11.2 percent, strategic currency reserves amounted to $46 billion what exceeds the size of the external debt 10 times.

"Revenues of consolidated budget were executed at 101 percent and amounted to $ 22.1 billion manat, expenses were at 93.9 percent and totaled 19.6 billion manat, and the surplus exceeded 2.4 billion manat. The budget revenues were executed at 101.4 percent totaling $ 17.3 billion manat, what is more than in 2011 by 10.1 percent, expenditures were executed at 17 billion manat or 96.2 percent, an increase of 10.4 percent," Mustafayev said.

The minister said that the level of investments in the economy of the country amounted to 22.1 billion manat, of which 13.3 billion manat fell to domestic investment and 8.8 billion manat accounted for external investment.


/Trend/