Heydar Babayev: "Azerbaijan will preserve leading positions by its economic growth rates"

He said the country's economic growth rates will be two-digit by results of 2008.

He said in period of 2004-2007 the country's economy has risen by 96%, by resylts of the first quarter of 2008, GDP has risen almost by 14% and by preliminary data these rates will be preserved by results of the first half of the year.

The Minister also said over 650,000 job opportunities were created in the country through the past five years. In the result, country's poverty rate has reduced to minimum and unemployment level fell down to 1%, while by results of additional calculations, held this year, this indicator might be even lower.

Babayev reminded that according to the State Oil Company, oil production will make 50 mln tons this year and 50 mln tons in 2009, which ensures stability of profits.

"Diversification of oil export supplies allows Azerbaijan to avoid any possible pressure in the future", added he. At the same time, the Ministry said that there is no need to raise volumes of oil on the background of the oil price hike to date.

He said Azerbaijan is among the leaders for per capita budget expenses in the whole CIS area and in the world. Through two years the country's gold reserves have tripled topping $ 9 bln. In period from 1995 until 2007 the country's economy was invested $42 bln. Only in 2007 the overall volume of investments made $8 bln with 70% of which are foreign investments.

/Day.Az/