Azernews.Az

The Azerbaijani economy continued to grow rapidly in the past years due to sound political, economic and social reforms, President Ilham Aliyev told a cabinet meeting Wednesday devoted to the country’s socio-economic development in the first quarter of 2010.
President Aliyev said the country’s Gross Domestic Product (GDP) increased 9.3% in 2009 and 2.8 times in 2004-2009. Successful economic growth was retained this year, with the GDP rising 5.4% in January-March. Industrial production grew 5.6%, while the non-oil sector 2.8% and the agricultural sector saw a 1.5% increase. Inflation made up 3.8% in the first three months of 2010.
According to the president, bank deposits of citizens increased 30%. Azerbaijan’s strategic currency reserves made up $22.3 billion. The state investment program is being successfully implemented and the country’s industrial potential expanded, and there are no problems with realizing social projects. Aliyev described as remarkable success that this year, the groundbreaking of a shipyard has been held, two defense industry enterprises have begun operating, and other facilities have been commissioned.
The president pledged that wages and pensions of Azerbaijani citizens will increase this year.
Aliyev noted, further, that Azerbaijan is successfully pursuing its oil strategy. In an effort to expand the country’s export potential, work continues to explore new routes for exporting natural gas. He emphasized that Baku fully supports all projects envisioned by the Southern Corridor.
The Azerbaijani leader added that the country has vast potential to ramp up its gas exports to neighboring Russia and is also negotiating the issue with Iran.*