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PRESIDENT ILHAM ALIYEV: 10 PERCENT INCREASE IN NON-OIL SECTOR IN Q1 OF 2018 IS RESULT OF INDUSTRIALIZATION POLICY

“Azerbaijan´s economy grew by 2.3 per cent in the first quarter. This is an excellent indicator exceeding growth rates on a global scale. Growth in the non-oil sector amounted to about 3 per cent. This is the result of our policy towards economic diversification,” said President Ilham Aliyev as he addressed a meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of the first quarter of 2018 and future tasks.

The head of state said: “In the first quarter, industrial production increased by 2 per cent and the non-oil industry by about 10 per cent. This is the result of the policy of industrialization our country has pursued in recent years. Our non-oil industry has increased by 10 per cent, and I think that this can be considered as a record indicator. Agriculture grew by 4.2 per cent. We see growth in crop production – by more than 50 per cent. This is due to the cultivation of traditional and other technical products in recent years. This is also a very positive indicator.”

“As I have already noted, a total of $3.5 billion has been invested in the country´s economy, a significant part of this being foreign investment. This shows that our country is very attractive for foreign investors.”

“Our foreign exchange reserves have increased by $2.2 billion and now amount to $44.2 billion. I believe that an increase of foreign exchange reserves by more than $2 billion over three months indicates that, on the one hand, we are using these reserves very economically and, on the other, this is the result of our successful oil policy in recent years,” the Azerbaijani President added.

BAKU. 12.04.2018. AzerTAg.


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