Azernews.Az

The government of Azerbaijan has reached the goals set for 2011, Prime Minister Artur Rasizada said last Friday in parliament announcing the government`s report on the results of the country`s economic development last year.

``The main objectives for 2011 set for the government of the country by President Ilham Aliyev were maintaining macroeconomic stability, accelerated development of the non-oil sector, food safety and energy security, strengthening of the armed forces and defense industries and improvement of human capital levels,`` Rasizada said.

The premier said the government implemented a package of measures to ensure sustainable social and economic development in order to carry out these tasks. As a result of these measures, the outlined goals were accomplished and economic modernization efforts yielded fruit, he said.

Rasizada noted that a thought-out and flexible policy pursued in 2011 had given a major impetus to the development process and the Azerbaijani economy grew many times compared to 2003.

``During these years the country`s GDP increased three fold, the state budget revenues - by 12.9 times, total investment five times, including those in the non-oil sector - 14.1 times. Real incomes of the population rose 2.6 times; more than a million jobs were created; living standards improved; and the poverty rate dropped 5.3 times,`` Rasizada said.

According to him, despite the continuing global economic crisis, influential international rating agencies appreciated the progress achieved by Azerbaijan.

``In particular, they noted the proper conduct of economic and financial policies, high levels of foreign reserves and these reserves exceeding external debt many fold, and the efficient use of oil revenues. According to the conclusions of these institutions, Azerbaijan strengthened its position among countries with high level of human development in 2011,`` Rasizada added.

Parliament Speaker Ogtay Asadov, addressing the parliamentary session, said some $21.7 billion was invested in the Azerbaijani economy from all sources, including $15.7 billion in the non-oil sector, in 2011.

``72 percent of the total investment accounts for the non-oil sector,`` Asadov said.

He noted that the Azerbaijani economy makes up more than 80 percent of the South Caucasus countries` GDP.

GDP per capita in Azerbaijan exceeded $7,000 in 2011, Asadov added.

After discussions, the Azerbaijani parliament approved the government`s report.