"In the future, the non-oil sector will provide for even greater economic development of Azerbaijan." President of the Republic of Azerbaijan Ilham Aliyev told at the meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development in 2014 and objectives for 2015, SIA reports.
"In the future, the non-oil sector will provide for even greater economic development of Azerbaijan.The country's economy has developed successfully. At the beginning of last year we set the goal of achieving growth of both the gross domestic product and the non-oil sector. These two main objectives have been met. Our economy has grown by about 3 per cent. This is an excellent indicator in today's world. Some countries have not experienced any growth. In fact, they are registering a decline. In the countries registering growth it constitutes about 1 per cent." highlighted Azerbaijani President.
According to Mr Aliyev, despite the fact that oil prices plummeted at the end of last year, the economy of Azerbaijan has increased by almost 3 percent. It is very delightful that our non-oil sector has increased by 7 per cent. This is a good example of the work carried out in the last few years and a manifestation of our policy. In the future, the non-oil sector will provide for even greater economic development of Azerbaijan. The development of the non-oil sector will enable us to achieve a diversified development of the economy and ensure its sustainable development.
President Ilham Aliyev noted that inflation was very low – 1.4 per cent. This is also a great indicator. Incomes of the population have increased by 4.8 per cent, exceeding the inflation rate more than three times. I can say that there has been a picture in recent years when population incomes grow several times faster than inflation. And this has a positive effect on people’s well-being.
"The country's economy has received $27 billion in investments. Of these, $16 billion is domestic investment. This is also very gratifying. In recent years domestic investments have dominated the total volume of investments. At the same time, foreign investments in the amount of $11 billion show that Azerbaijan is an attractive country for foreign investors. Given the current environment and the extremely difficult situation observed in the world and the region, the attraction of foreign investments worth $11 billion is a great success." added Ilham Aliyev