If we look at the overall development of the country's economy, we will see that the growth rates are not very high, said President Ilham Aliyev during a meeting dedicated to the State Program on the development of the mining and metallurgical industry, APA reports.
"There are natural reasons for this, primarily the natural decline in oil production. Our main oil field, “Azeri-Chirag-Gunashli,” has been in operation for nearly 30 years, and due to objective reasons, there are declining trends in production. We are working to stabilize these trends. At the same time, I am confident that new projects will continue to maintain oil production in Azerbaijan at the necessary level, and I hope there will even be growth. However, this is the reason why our overall economic growth and gross domestic product increased by 1.2 percent today. This should not concern us, because a much more important indicator is the development of the non-oil sector, where growth reached 5.4 percent in the first eight months of this year. In other words, we are demonstrating good results in the non-oil industrial sector, and the adopted programs will make this growth continuous and long-term," the President noted.
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