Azernews.Az

President Ilham Aliyev praised Azerbaijan's economic growth on Wednesday at a meeting of the Cabinet of Ministers aimed to discuss the results of the country's social and economic development over nine months of 2012 and outline further priorities.

President Aliyev said Azerbaijan's economy grew 1.1 per cent in the nine-month period, adding that the non-oil sector increased 10.3 per cent.

The president noted that $16 billion had been invested in the country's economy over the three quarters of 2012, and some 70 per cent of the investment came from domestic sources.

Aliyev said the share of the private sector in the Gross Domestic Product was 83 per cent. The agricultural sector saw a 6.3 per cent increase. Strategic currency reserves grew $5 billion from the beginning of the year to reach $45 billion.

The president also said work continued to study new directions of currency reserves management.

Aliyev said development of the country has had a positive impact on the living standards of citizens. He said the population's income has grown 12 per cent this year.

"The inflation stood at just 1.5 per cent, while the average monthly wage is $500 and the pension is $190," he said.

President Aliyev stressed that industrial production has been decreasing in recent years, adding that this trend continued in the nine months of this year.

"However, development processes are progressing at a rapid pace in Azerbaijan, and international financial institutions and leading rating agencies praise our country's achievements."

Aliyev said the implementation of the state program on social and economic development of Azerbaijan's regions has seen the creation of 1.1 million jobs so far. Also, 188 schools have been built and 103 schools have been reconstructed since the start of this year.

The president said further that Azerbaijan has gained immense success on the world stage.

"Azerbaijan's position was welcomed with great sympathy in the UN Security Council. All 120 member states of the Non-Aligned Movement support Azerbaijan's territorial integrity, which means that three-fourths of the world community says that the Armenia-Azerbaijan Nagorno-Karabakh conflict must be resolved in compliance with the principle of territorial integrity."

The president emphasized the establishment of cooperation with Latin American countries, saying "we are gaining new partners worldwide".

Chairman of the Central Bank Elman Rustamov, Transport Minister Ziya Mammadov and Minister of Labor and Social Protection of the Population Fuzuli Alakbarov delivered reports on what had been done in the country in nine months of the year, and outlined further priorities.

In his closing remarks, President Aliyev issued instructions to officials with respect to maintaining the inflation level, continuing measures to eliminate the consequences of a recent earthquake that happened in the western regions, improving living conditions of refugees and IDPs, building and reconstructing schools, kindergartens and new roads, meeting the population`s demand for gas, electricity and drinking water, and ensuring food security.

President Aliyev said the amount of preferential loans allocated to entrepreneurs will be 300 million manats (over $382 million) in 2013.

The president noted that budget expenditure will be at 20 billion manats (over $25.4 billion) next year.

Aliyev stressed the need for adopting the State Investment Program by the end of this year.

He also said gas production in the country increased.

The president noted that production of gas from the Umid field in the Caspian Sea started, stressing the importance of the Trans-Anatolian gas pipeline project.

Aliyev underlined the importance of further expanding transport infrastructure in the country, and speeding up the development of industrialization as well as Baku and suburban settlements.

The president expressed confidence that Azerbaijan's achievements would continue.