"Azerbaijan's GDP grew 4.1 percent in Azerbaijan over nine months"

Over the first nine months of 2010, Azerbaijan's GDP totaled 29.3 billion manat, which is 4.1 percent more than the same period last year, Azerbaijan’s Finance Minister Samir Sharifov said at the president-chaired Cabinet of Ministers meeting dealing with socio-economic development of the country in the first nine months of this year.

Per capita GDP grew 2.8% to reach 3.286 manat, the minister added.

The volume of money services offered to public, which is considered an indicator of financial capacity of the population, saw a rise of 10.5% from the same period lat year. Retail sales rose 8.5% while bank deposits grew 34.4%, Sharifov said.

"In the first nine months of this year, the country carried out trade operations with 140 foreign countries in the amount of $20.2 billion. Country’s imports totaled $4.5 billion while exports were $15.7 billion. During this period the trade surplus amounted $11.2 billion," Sharifov added.

The Taxes Ministry, meeting the forecast by 100.6%, provided 3.128 billion manat to the state budget. Of these funds, 56.4% or 1.768 billion manat accounted for income from non-oil sector, a rise of 89 million manat or 5.3% compared with the corresponding period in 2009," Sharifov noted.

According to the minister, the State Customs Committee, performing the budget forecast by 100%, provided 730 million manat to the budget. Transfers from State Oil Fund amounted to 3.625 billion manat.

During the first nine months, state budget spending was executed at the level of 6.837 billion manat or 83.9%, a rise of 380 million manat or 5.9% from the same period last year.

Compared to the same period of 2009, for the first nine months of 2010 defense spending grew 20%, spending for agriculture - 14.2%, social protection and social security - 13,9%, housing and communal services - 9,4%, culture - 8,3% and spending for health care by 5,9%, the minister said.

Sharifov said despite the global financial crisis that hit the world in 2008-2009 has ended, its impact is still felt in many countries. To eliminate severe consequences of the crisis, several countries, including developed countries, are obliged to cut budget, salaries and social benefits. In some countries there is even a mass closure of workplaces, suspension of important projects aimed at social protection of population and a sharp increase in the retirement age, the finance minister underscored.

“However, expedient socio-economic policy pursued under President Ilham Aliyev’s leadership, steps have been made to expand population’s opportunities to earn more income, reduce poverty and improve social and living conditions of low-income families, in the first place, refugees and internally displaced persons. 2010 saw more steps aimed to improve the welfare and to boost social protection of population," Sharifov emphasized.


/Trend/