On July 11, under the chairmanship of President Ilham Aliyev a meeting of the Cabinet of Ministers was held, dedicated to the socio-economic development for the six months of 2012.
For half a year' the GDP grew by 1.5 percent, while the non-oil sector grew by 11.3 percent. "This is the highest index in the world economy," the President said. Although as a result of lower oil production the total industrial production over the past six months declined by 3 per cent, the growth in non-oil industry was 8.3 percent. The macroeconomic situation is stable, inflation was only 2.2 percent, while the income increased by 14.2 percent. In agriculture, 10.4 percent increase was registered, said Aliyev.
As a result of regional development programs in the six months, 46,000 new jobs were created in the regions, including 37,000 permanent. Noting the importance of employment of citizens of Azerbaijan first of all, Aliyev stressed the importance of taking measures aimed at regulating the activities of migrants in the country and establishing order in this area.
"I am confident that before the end of the year, positive trends in the economy will grow even more," said Aliyev, and instructed to keep the inflation rate and the exchange rate of manat. He also said that Azerbaijan's strategic currency reserves are $ 44 billion, while the foreign state debt is 7 percent of the GDP.
Economics
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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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