Azerbaijani Minister of Economy Shahin Mustafayev has delivered a speech at the expanded meeting of the collegium of the Ministry of Economy in connection with the fulfillment of Azerbaijani President Ilham Aliyev’s instructions at the recent meeting chaired by the president.

During his speech Mustafayev said that the president appreciated the socio-economic indicators from January through September 2019.

President Aliyev gave instructions to intensify the reforms stipulating economic development, achieve high economic growth by further accelerating the development of the non-oil sector, attracting more foreign investments in this sphere, ensuring coverage and accuracy in the preparation and analysis of forecasts of socio-economic development, strengthening the role of the Entrepreneurship Development Fund, the banking sector and investments in the development of the non-oil sector and increasing employment and efficiency of budget spending, as well as to ensure transparency in economy.

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Shahin Mustafayev gave detailed information about the measures taken by the Ministry of Economy to implement the president’s instructions.

The research and analysis are being conducted to attract additional sources of economic growth into economic turnover and expand business activity.

At the same time, taking into account the experience of international financial institutions, a new methodology is being developed with the involvement of experts for assessing the impact of state support measures and investments on economic growth.

In particular, the growth of production in the industrial sector reached 1.7 percent, in the non-oil industry – 15.6 percent, the share of the non-oil sector in GDP amounted to 60.7 percent.

The production in the textile industry grew by 39.2 percent, the production in the chemical industry – 20.6 percent, production of tobacco – 78.5 percent, production of food – 15.1 percent, production of beverages – 40.4 percent, wood processing – 99 percent, furniture production – 29.5 percent, installation and repair of machinery and equipment – 28.2 percent, production of agricultural products – by 7.1 percent, communication services – 16.4 percent. The production in the construction sector declined by 5.6 percent.

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Azerbaijan’s external debt has reached 17 percent of GDP – 9th in the world.

As a result of comprehensive measures and radical reforms carried out under the president’s leadership, GDP increased by 2.5 percent, while non-oil GDP – by 3.5 percent.