Azerbaijan's Deputy Minister announces main factors determining economic activity

Sevinj Hasanova,  Deputy Economy Minister of Azerbaijan

© APA | Sevinj Hasanova, Deputy Economy Minister of Azerbaijan

# 20 June 2022 13:46 (UTC +04:00)

"Positive processes in Azerbaijani economy have continued in the current year, high economic growth tempos have been observed, large scale surplus has been recorded in the foreign trade balance. At the same time, our strategic resources have been maintained at a high level," said Deputy Economy Minister Sevinj Hasanova during discussion of the draft law "On making amendment on the Law of the Republic of Azerbaijan "On State budget of the Republic of Azerbaijan for 2022"" (in the first reading) at the joint meeting of Economic Policy, Industries, and Enterprising, and Labor and Social Policy Committees of the Azerbaijani Parliament, APA reports.

Sevinj Hasanova has noted that lifting pandemic-related restrictions and complex state support measures have led to restoration and further rising of economic activity: "As a result, in January-May of the current year, GDP has increased by 7.2% in comparison with the corresponding period of the previous year, non-oil sector by 11%, the additional value produced in the oil-gas sector by 0.5%. Growth has been recorded in all fields of economy, growth rates have been significantly high in some fields. Significant contribution to development of non-oil and gas sector has been in transportation and stock agriculture, non-oil gas industry, tourism, and public-catering fields. In January-May of 2022, about AZN 5 billion has been spent from all financial sources for development of the economic and social fields of the country. In the first five months of 2022, average annual inflation has made up 12.6% exceeding relevant inflation indicator of 2021 by 8.4%."