Friday, 24 September 2021 12:20 GMT

Results of first six months indicate that economy of Azerbaijan already overcame recession - President Aliyev

(MENAFN- Trend News Agency ) BAKU, Azerbaijan, July 24


The results of the first six months indicate that the economy of Azerbaijan has already overcome the recession, President of Azerbaijan Ilham Aliyev said in an interview to Azerbaijan Television, Trend reports.

“If we pay attention to the economic performance of each of these six months, we can see that the economic slowdown at the beginning of the year was measured in larger numbers. The decline decreased every month and by the end of May we were able to achieve slight economic development," said the president.

"The results of the first six months show that our economy has grown by 2 percent. This is a good indicator. If we look at the developments unfolding in the world, we can see that the vast majority of countries of the world are still experiencing an economic downturn. Our economy is growing, and I am sure that it will grow even more by the end of the year. It is even more gratifying that the growth in our non-oil sector amounted to more than 5 percent. This is quite a high figure, a good indicator and a manifestation of the work done,” President Aliyev said.

“If we turn our attention to industrial production, we can see that it has dropped by 0.3 percent. However, the main reason here is related to oil production and the implementation of the OPEC+ agreement. As you know, we have reduced production, and I would like to draw your attention to another indicator which confirms this theory, so to speak. Our non-oil industry has increased by 16.6 percent and will continue to grow. Today's opening ceremony and other work ahead will further enhance the industrial potential of the non-oil sector. We have registered growth of 16.6 percent. I don't know of another country that would achieve such growth,” the head of state said.


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