Investments in non-oil sector increase in Azerbaijan

The inflation rate amounted to 2.7 percent in Azerbaijan in January-July 2019, Vusal Gasimli, director of the Center for Analysis of Economic Reforms and Communication, said.

Gasimli made the remarks in Baku during the discussion of the implementation of strategic roadmaps in 2019, Trendreports referring to the center.

“In January-July 2019, Azerbaijani manat remained stable, the non-oil sector increased by three percent, non-oil export – by 17 percent, while non-oil industry – by 15.8 percent in Azerbaijan ,” he added.

“The positive balance in the balance of payments and the balance of the consolidated budget are the basis of macroeconomic stability,” Gasimli added.

“The investments in the non-oil sector increased by 9.7 percent up to 4.6 billion manat in January-July 2019,” he said.

Gasimli also stressed that the budgeting rules, medium-term spending limits, an upper limit of the consolidated budget were approved and a strategy for attracting debts was determined for fiscal sustainability.

“As a result, the country’s revenues in the oil sector decreased by 251 million manats or 4.3 percent, while revenues in the non-oil sector increased by 841.1 million manats or by 20.6 percent in January-July 2019 compared to January-July 2018,” he said.