TODAY.AZ / Business

GDP per capita to reach $5,000 in Azerbaijan in 2010, National Bank says

20 February 2007 [22:13] - TODAY.AZ
Caspian Integration Business Club members met with Elman Rustamov, Chairman of the Management Board of the National Bank of Azerbaijan.

Elman Rustamov told the meeting attended by representatives from bank and insurance organizations that Azerbaijan is a pilot in the world for its economic growth.

GDP went up 35%, oil sector grew 60% and non-oil sector advanced 12% in Azerbaijan during 2006. We foresee GDP per capita will double to $5,000 in 2010, he noted.

He added that non-oil sector growth was 11% in three years and foreign trade balance of a country is an important performance indicator.

70% of the investment made in oil sector on outflow now. Repatriation of all the investments will be complete by mid 2009. Azerbaijan's share in profit oil will go up to 80%, he underscored.

Rustamov also noted that national currency strengthened by 5.1% last year and the amount of long-term loans doubled.

Our banking sector enjoyed dynamic development and performance indicators tripled within three years, he said.

At the end of the meeting, Rustamov was chosen an honorary member of the club, APA reports.

URL: http://www.today.az/news/business/36760.html

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