Azernews.Az

Azerbaijan successfully fulfilled all of its economic and social tasks in 2011, President Ilham Aliyev said at a cabinet meeting on Monday devoted to the outcomes of last year and the objectives outlined for 2012.

Aliyev said the Azerbaijani economy grew 0.1 percent last year. A 9.4 percent increase was posted in the non-oil sector. The development of the non-oil economy was crucial for opening jobs.

The president said the share of non-oil industry in the domestic economy increased by 11.1 percent. Single-digit inflation was maintained, and the incomes of citizens rose 19.6 percent. Investments hit a record high of $20 billion, with domestic investments accounting for $13 billion of the amount.

Over the past two years, Aliyev said, a total of $37 billion has been invested in Azerbaijan. The country’s currency reserves have exceeded $40 billion for the first time. Also, wages and retirement benefits increased, and the number of families receiving direct social assistance reached 120,000 in 2011.

Aliyev said 94,000 jobs were opened last year, with 73,000 of them being permanent positions. Unemployment decreased to 5.4 percent and the poverty level – to 7.6 percent.

On his expectations for 2012, Aliyev said state budget expenses are expected at $22 billion, while the consolidated budget is to make up $25 billion.

Aliyev stressed that the State Investment Program is estimated at 5.7 billion manats ($7.3 billion), saying that its focus in 2012 will be on drinking water supply and sanitation projects. The government will also place an emphasis on food safety and the development of entrepreneurship and agriculture. The program on the development of the capital Baku and its settlements will be further implemented, new social infrastructure facilities will be built, environmental issues addressed and the combat against corruption and bribery continued.