Economic reforms in Azerbaijan carried out successfully

As a result of economic reforms carried out by Azerbaijani President Ilham Aliyev, the growth rate in the country’s non-oil sector and the non-oil industry increased by 3 percent and 15.8 percent, respectively, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication Vusal Gasimli said during the discussions on the status of the implementation of the Strategic Road Maps in 2019, Trend reports referring to the center’s press service.

Gasimli added that exports in the non-oil sector increased by 17 percent during the aforementioned period, while at the same time, inflation amounted to 2.7 percent, and the Azerbaijani manat has remained stable.

According to him, the presence of a positive balance in the balance of payments and the balance of the consolidated budget is the basis of macroeconomic stability and creates the foundation for the implementation of a revolutionary social package.

“The increase in the favorableness of the business environment in accordance with the Strategic Roadmap on the prospects for the national economy has led to the increase of capital investments in the non-oil sector of Azerbaijan by 9 percent and them reaching 4.6 billion manats during the first 7 months of this year, despite the fact that investments have declined both in the region and around the world,” he said.

Revenues in the non-oil sector also increased by 841.1 million manats, or 20.6 percent, eventhough, compared to the first half of last year, state budget revenues from oil fields decreased by 251 million manats, or 4.4 percent over the corresponding period of the current year.