Today.Az » Politics » PM says Azerbaijani economy increased at times - UPDATE
16 March 2012 [15:30] - Today.Az
As a result of effective financial and monetary fiscal policy a macroeconomic balance was achieved in Azerbaijan in 2011, Prime Minister Artur Rasizade said at a plenary session of the Azerbaijani parliament which discussed the government's report on the results of 2011.
"In 2011 the rate of the manat remained stable, inflation was kept at a single digit level which eventually formed the basis for the growth of the population's real income," said Rasizade.
He said as a result of the diversification policy carried out in Azerbaijan, development of social and industrial infrastructure in 2011 and a high growth of 9.4 per cent in non-oil sector was achieved.
"In 2011, $21.7 billion was invested in the Azerbaijani economy from all financial sources, including $15.7 billion dollars in the non-oil sector. Some 60 per cent of all investments fell to domestic ventures," Rasizade stressed.
He said in 2011 the country's trade turnover grew by 30 per cent to reach $36 billion and strategic currency reserves increased during the year exceeding $40 billion.
"Reforms in the pension system implemented in 2011 allowed an increase in pensions to around 900,000 retirees to an average of 40 per cent," Rasizade said.
He said the increase in wages of workers in science, education, health, culture, agriculture, land reclamation and other areas, the rise in benefits for the families of martyrs, war invalids and poor families made it possible to improve the social situation of 1.8 million people.
"During the year funds to the sum of 399 million manat were spent addressing the social problems of refugees and the homeless," said Rasizade.
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The Government of Azerbaijan has reached the goals set for 2011, Prime Minister Artur Rasizade said at a plenary session of the Azerbaijani parliament) which discussed the government's report on the results of 2011.
"The main objectives for 2011 set by the government of the country by President Ilham Aliyev, were maintaining macroeconomic stability, accelerated development of the non-oil sector, food and energy security, strengthening of the armed forces and defence industries and improvement of human capital levels," Rasizade said.
The government implemented the package of measures to ensure sustainable socio-economic progress in order to carry out these tasks. The results of the measures and a course of economic modernisation had borne fruit, the premier said.
Rasizade noted that the robust and flexible policy conducted in 2011, had given a high impetus to the development process and the scale of the Azerbaijani economy increased at times compared to 2003, reaching a qualitatively different level.
"During these years the country's GDP increased by three times, the state budget revenues by12.9 times, investment in general five times, including the non-oil areas which rose by 14.1 times. The real incomes of the population rose 2.6 times with more than a million new work places being created, living standards improved and the poverty rate decreased by 5.3 times, " Rasizade said.
He noted that despite the continuing global economic crisis, influential international rating institutions appreciated the progress achieved by the country.
"In particular they noted the proper conduct of economic and financial policies, high levels of foreign reserves and excess of these reserves over the external debt at times and the efficient use of oil revenues. According to the conclusion of these structures, Azerbaijan strengthened its position among countries with high development in 2011," he said.
/Trend/
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