April 10 under the chairmanship of President Ilham Aliyev the Cabinet of Ministers held a meeting for the first quarter of 2015.
As it was reported on the website of the President, Aliyev praised the results of the first three months of the year, noting the 5% GDP growth in this period. In the same period, non-oil sector grew by 7%, industrial production - by 4%, and agriculture - by 3%.
He further noted that the sharp drop in oil prices "will not affect our dynamic development" and the consumer market is "under complete control."
In regions 30 thousand jobs have been opened and social projects are successfully implemented. The country enjoys the confidence of the international financial institutions and the global financial crisis has bypassed Azerbaijan, Aliyev said.
Further presentations were made by the Minister of Taxes Fazil Mammadov, the Minister of Transport Ziya Mammadov and the Minister of Culture Abulfaz Garayev.
In closing remarks, Aliyev noted the importance of the non-oil sector and entrepreneurship, the creation of regional industrial zones, and development of rural economic production. The aim of these measures is to achieve food self-sufficiency and to minimize the import of food products.
Further, he touched on the national currency exchange rate, calling the measures taken "rational from the economic point of view."
He also expressed dissatisfaction with rising prices for medication and instructed the Ministry of Health to deal with this issue and take the appropriate actions.
In conclusion, he expressed satisfaction with the progress of preparations for the European Games. -02D-
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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