Azerbaijan’s economy grew by 2.1% in first half of 2014

Azerbaijan’s economy grew by 2.1% in first half of 2014
# 11 July 2014 09:54 (UTC +04:00)

Minister of Economy and Industry Shahin Mustafayev said the abovementioned fact in his speech at the meeting of the Cabinet of Ministers on the results of socio-economic development in the first half of 2014 and objectives for the future chaired by President Ilham Aliyev.

According to him, the share of non-oil sector in GDP reached 56.3%. State budget revenues were executed by 101.6% or AZN 9.3 billion and expenses – AZN 8.7 billion. The Ministry of Taxes implemented the forecast by 103.6%. Compared to the same period of last year, the revenue from non-oil sector increased by 14.5%, total revenues reached 56.9%.

“The State Customs Committee fulfilled the forecast by 100.2%, the revenue was up 14.5%”, he said.

The minister said AZN 7.6 billion was invested in basic stock from all financial sources with the view of developing economy and social spheres in the first six months, up 3.4% compared to previous year. According to him, 70.7% of the funds allocated to fixed capital fell on domestic investments.

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