President of Azerbaijan: Economic situation is improving

Baku. 18 March. REPORT.AZ / "Economic situation is improving. Last year was a year of economic stabilization, a year of deep economic reforms. These reforms began to bear fruit. And this year is already a year of growth. Figures of two months of this year confirm this. Though small but economic growth is observed".

Report informs President of Azerbaijan Ilham Aliyev said during the speech at the national celebration on the occasion of Novruz.

The head of state noted that since the beginning of this year, GDP increased by 0.4% in Azerbaijan: "Growth in non-oil industry was 5%, in agriculture - more than 3%. These are the main indicators of economic development. Unlike many other countries that exported oil and gas last year, we managed to preserve our foreign exchange reserves. We did not spend them, though we could. But we are thinking about the long-term interests of our country. Each year we must increase our monetary reserves. And we achieve this. Today, our monetary reserves are five times more than external debt. Probably, there are very few countries in the world, where this indicator is at this level".