Azernews.Az

BAKU – The economic crisis that persisted in most world countries in 2010 did not affect Azerbaijan, Prime Minister Artur Rasizada said while presenting the government’s annual report to parliament on Tuesday.

Rasizada said the government kept in focus the country’s social issues and worked to support entrepreneurial development and eliminate unemployment last year.

According to him, Azerbaijan’s gross domestic product made up 41.6 billion manats ($52 billion) in 2010, or 5 percent over 2009. Non-oil sector growth was 7.9 pct.

Investments in the Azerbaijani economy amounted to 13.9bn manats (over $17.3bn), a 32.4 pct increase in comparison with the previous year. 70 pct of the invested funds were channeled into the non-oil sector and infrastructure development.

Azerbaijan’s trade with 147 countries last year made up $28bn, with the European Union countries accounting for 44 pct of the amount.

The South Caucasus republic’s currency reserves currently exceed $30bn, Rasizada said.

The government’s report also said 913,000 jobs were opened in the country in 2004-2010, and 73,000 jobs in 2010. Wages increased 9.1 pct, and the average monthly wage constituted 325 manats ($406). The poverty rate was 9.1 pct.

Rasizada said Azerbaijan signed loan agreements worth 1.2bn manats ($1.5bn) with international organizations in 2010. A robust rate of the manat, the national currency, was maintained due to the reforms carried out in the country’s finance and banking sectors. The amount of citizens’ bank deposits and allocated loans increased. Bank loans rose 9 pct to around $11.5bn, with 72 pct of the amount made up by long-term loans.

Azerbaijan produced 51 million tons of oil and 20.2 billion cubic meters of gas last year, the report said.

Rasizada also spoke about last year’s performance of the country’s industries and the agriculture sector. He said production in the metallurgy sector increased 44.8 pct, while machine building output rose 2.5 times. In the agriculture sector, a 8.9 pct decrease was posted in plant growing, while production of grain fell 33 pct and that of potatoes 3 pct due to inclement weather.

Rasizada said the country’s newly established defense industry grew in 2010 as well. Financing of this sector increased 4 pct compared to 2009, reaching $3bn.

Production of defense industry goods more than doubled last year. Goods of over 350 types were produced, with some of the volume exported to world markets, Rasizada said.

The government’s report was adopted in parliament following discussions.