Thanks to the successful policies of the President of the Republic of Azerbaijan, despite global geopolitical challenges, macroeconomic stability and fiscal sustainability were achieved in Azerbaijan in 2023, Minister of Finance of the Republic of Azerbaijan Samir Sharifov said at today's meeting of the Economic Policy, Industries, and Enterprising Committee of the Milli Majlis (Parliament), APA-Economics reports.
He stated that thanks to the steps taken by the Government of Azerbaijan, last year, the annual inflation rate dropped to a single digit. Successful inflation control measures continue this year as well. In the first four months, the annual inflation rate remains to be low. Last year, GDP growth was recorded in Azerbaijan, and all of this growth was due to the non-oil sector: "There have been structural changes in our country's economy. Thus, a decrease has been recorded in the oil and gas sector. These indicators highlight the importance of further accelerating the development of the non-oil sector."
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