Azernews.Az

BAKU - Successful economic development continued in Azerbaijan this year, President Ilham Aliyev has said.
Wrapping up half-year results, President Aliyev told his cabinet that though the economic and financial crisis had a tremendous impact on the events around the world in 2009, the fast-growing South Caucasus republic posted very high economic growth figures last year.
"These positive trends are continuing in 2010, and there are growth and progress in all fields of our economy. These indicators once again prove that economic reforms are being pursued in Azerbaijan in the right direction," Aliyev said, adding that the country’s economic growth made up 3.7 percent over six months.
According to the president, progress was seen in industrial development as well.
"If we divide industrial potential into two parts, we will see that growth in the oil sector made up 2.4 percent, while that in the non-oil sector 15.3 percent…The over 15 pct non-oil sector growth proves that the Azerbaijani economy is diversified."
President Aliyev said other economic figures also draw a positive picture overall. Inflation was reported at the level of 4.9 pct, which is normal. Income of the population increased 9 pct.
"This indicates that though 2009 and 2010 have gone down in history as crisis years, incomes of Azerbaijani citizens are growing and surpassing inflation rates," Aliyev said.
He also said Azerbaijan’s currency reserves have increased to $24.7 billion from $20 billion this year.*