Minister: Azerbaijan’s GDP increased more than three times

By Ayya Lmahamad

Energy Minister Parviz Shahbazov has said that Azerbaijan’s gross domestic product (GDP) has increased more than three times, over the past 18 years.

He made the remarks at the event entitled “Ilham Aliyev and energy policy of independent Azerbaijan” held at the Energy Ministry on the occasion of the 60th birth anniversary of President Ilham Aliyev.

The minister noted that the poverty rate has dropped from 49 to 6 percent and more than 2 million jobs have been created over the reported period.

“Unemployment in the country is at the level of about 6 percent. Some $280 billion have been invested in Azerbaijan’s economy,” he said.

Shahbazov stressed that Azerbaijan turned into a reliable partner in global energy security.

“The Azerbaijani model is more rational in its approach to energy security. This is the diversification of energy resources, energy supply, and supply markets. It is about choosing a balance between energy security and environmental safety,” he said.

He added that the “green energy” course opened a new page in Azerbaijan’s development as an energy country in line with modern global trends.

Earlier, Economy Minister Mikayil Jabbarov said that the country's nominal GDP is forecasted to exceed $50 billion as of 2021.

Azerbaijan's GDP grew by 5.3 percent during the first 11 months of 2021.

Azerbaijan is entering a new stage of development, which will cover 2022-2030. The primary tasks set up are sustainable economic growth, financial stability of the national economy and the restoration of liberated territories.