Azernews.Az

BAKU – President Ilham Aliyev on Wednesday praised Azerbaijan’s economic development this year, saying all outlined projects have been successfully implemented and the country’s economy continued to grow.

Azerbaijan’s gross domestic product grew 4.1 percent, the non-oil sector 5.2 percent and industrial production 3.1 percent, President Aliyev told a cabinet meeting on the country’s socio-economic development in January-September 2010.

Aliyev said incomes of citizens increased 11 pct this year, which surpassed inflation levels more than two-fold. Minimum wages and pensions have also risen, he said, pledging that the government will continue working to raise the earnings of the population.

The president said 56,000 jobs have been opened in Azerbaijan this year. Since 2003, about 900,000 jobs have been created in the country of nine million people, which has allowed to gradually resolve the pressing unemployment problem.

He noted that Azerbaijan’s currency reserves exceed $28 billion.

Aliyev said Azerbaijan is to produce over 50 million tons of oil and 28 billion cubic meters of gas in 2010, adding that the geographic scope for the exports of the South Caucasus republic’s energy resources is expanding.

Aliyev said Azerbaijan’s state budget for 2011 has already been formed. The government’s expenses, focusing on investment and social spending, amount to 12.7 billion manats (over $15.8 billion).

Next year’s expenses on the military are estimated at 2.5bn manats (over $3.1bn).

The president ordered the government to work to increase Azerbaijan’s export potential, ensure swift industrialization, turn Sumgayit, the country’s third biggest city, into an industrial hub, and create sources of renewable energy.