Minister lauds 2007 economic growth

2007 marked remarkable accomplishments in all spheres of Azerbaijan’s socio-economic development, Economic Development Minister Heydar Babayev told a board meeting on the outcomes of last year on Wednesday.

Babayev noted that the country maintained its leadership in the world on the Gross Domestic Product (GDP) growth in 2007, which amounted to 25%. GDP exceeded 25.2 billion manats ($30 billion), or 6.5 billion manats above the previous year. Per capita GDP increased 23.6% to $3,473. The country’s strategic currency reserves exceeded $7 billion. The per capita income of the population went up by some 40%. The poverty level dwindled about three times in the past four years to make up 16%.

The minister went on to say that over 145,000 jobs were opened in Azerbaijan last year, including over 105,000 permanent positions. Since October 2003, a total of 640,000 jobs have been opened in the country.

Babayev said about 1.9bn manats ($2.26bn) were allocated from the state budget in 2007 for the implementation of various projects. The investments were channeled into such sectors of the national economy as transport, energy, industries, utilities, water supply and irrigation, agriculture and entrepreneurial development.

As for 2008, the total expenses on investments are projected at 4.1bn manats (almost $4.9bn). 3.4bn manats of the amount will be provided from domestic sources, of which 2.8bn manats will come from the state budget and the rest from the State Oil Fund, the body that holds revenues from the country’s exports of oil.*