Azerbaijan's strategic currency reserves exceed country's external debt by 6 times

The GDP in Azerbaijan increased by 2.8 times in 2004-2009 and its per capita amount reached $4,874.1 last year, according to the article by the Minister of Economic Development Shahin Mustafayev, published in the official press.

The strategic currency reserves of Azerbaijan have reached $22 billion, which 6 times exceed country's foreign debt and cover the non-oil imports and services. Acceptable business conditions contributed to investments in the economy to exceed $70 billion, half of which consists of foreign investments.

Budget expenditure increased by 4.8 times in 2004-2009 to implement the activities in enhancing social welfare, the average monthly salary - three times, the income of the population - 3.4 times, per capita income - 3.2 times, the minimum pension - 3.8 times, the minimum wage - 6.3 times. The level of poverty over the past five years decreased 4.1 times - from 44.7% to 11%. About 840,000 new jobs were opened over the past six years.

In 2009, community deposits in Azerbaijani banks grew by 23%, the amount of lending to economy - 17%. Compared with last year, financial services increased by 12.5%. Nominal per capita income increased by 6.7% compared to 2008, while the average wage - by 8.6%.

In the first quarter of 2010, the real GDP growth was 5.4%, including oil sector - 6.9%, non-oil - 4.3%. During this period, growth in industry was 6.2%, agriculture - 1.5%, telecommunications sector - 24.8%, trade - 6.2%, transport - 2.6%.


/Trend/