President: Azerbaijan`s economic development mainly generated by our reforms

Azerbaijan`s economic development is mainly generated by our reforms. We managed to diversify our economy, and to reduce the dependence on oil and gas sector, though, oil and gas sector continues to be the main part of our economy, said President of Azerbaijan Ilham Aliyev in his interview with Euronews channel, Azernews reports.

"This year, our economic growth is a little bit modest, because of the slight decline of the oil production. The GDP of Azerbaijan grew more than four times for the last 20 years, and that was a very remarkable achievement. At the same time, we managed to conduct a very sophisticated, social policy. We managed to reduce the level of people who lived in poverty during the last 20 years from almost 50 to 5.5 percent. This demonstrates that the wealth generated by energy projects was fairly distributed between all segments of our population," the head of state underlined.