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BBC MUNDO RADIO
| 2011-09-26 06:05:52 |
BAKU, Sept. 25 (Xinhua) -- Azerbaijan has totally finished a
transition to market economy, the country's minister for economic
development Shahin Mustafayev said Sunday.
According to the minister, investments in Azerbaijan's economy have exceeded 100 billion U.S. dollars since its independence 20 years ago.
Roughly half of the amount was foreign investment, and the bulk of them is in the energy sector, Mustafayev said at a conference marking the 20th anniversary of Azerbaijan's independence.
From 1995 until 2003, Azerbaijan's annual gross domestic product (GDP) growth averaged 9 percent, average monthly salary increased 5.3 times, foreign direct investments increased ten times, state budget revenues increased three times and inflation decreased to 2-3 percent, he said.
From 2004 to 2011, Azerbaijan recorded an annual GDP growth of 14 percent. Its GDP per capita increased by five times.
According to the minister, investments in Azerbaijan's economy have exceeded 100 billion U.S. dollars since its independence 20 years ago.
Roughly half of the amount was foreign investment, and the bulk of them is in the energy sector, Mustafayev said at a conference marking the 20th anniversary of Azerbaijan's independence.
From 1995 until 2003, Azerbaijan's annual gross domestic product (GDP) growth averaged 9 percent, average monthly salary increased 5.3 times, foreign direct investments increased ten times, state budget revenues increased three times and inflation decreased to 2-3 percent, he said.
From 2004 to 2011, Azerbaijan recorded an annual GDP growth of 14 percent. Its GDP per capita increased by five times.
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