Azerbaijan, Baku, July 16 /Trend, U.Ismayilova/
Over the past seven years, the oil sector of Azerbaijan has become the main driver of economic growth of Azerbaijan, the director of the Scientific-Research Institute on economic reforms of Economic Development Ministry of Azerbaijan Vilayat Veliyev said during the presentation of the collection "The Republic of Azerbaijan: economic development, social progress and cultural creation."
"Since 2003, a sharp economic growth began in the country, which took its origin from the oil sector, and in 2003-2009 the average annual growth of the economy amounted to 27.8 percent," said Veliyev.
According to him, the level of GDP per capita in 2009 amounted to $4,874.1 compared to $888.5 in 2003. Private sector share in GDP in 2008 was 85 percent compared to 73 percent in 2003.
In 2009, the share of oil sector in GDP was 54.7 percent, non-oil - 45.3 percent compared to 30.1 percent oil and 69.9 percent non-oil sector in 2003.
Since 2003, Azerbaijan's economy has grown about three times, said Veliyev.
State budget revenues in 2009 amounted to 10325.9 million manat compared 10762.7 million manat in 2008, 6006.6 million manta in 2007, 3868.8 million manat in 2006, 2055.2 million manat in 2005 and 714.6 million manat in 2000.
The public budget expenditure in 2009 amounted to 10567.9 million manat, 10774.2 million manat in 2008, 6086.2 million manat - in 2007, 3790.1 million manat - in 2006, 2140.7 million manat - in 2005 and 764 million manat - in 2000.
The average annual growth rate of the monetary market in 2009 amounted to 101.7 percent and the money supply - 101.5 percent compared to 23.6 percent and 27.6 percent in 2003 respectively.
The monetary reserves of the Central Bank of Azerbaijan in 2009 amounted to $5161.7 million dollars compared to $757 million in 2003. Per capita income in 2009 amounted to 2537.2 manat compared to 508.9 manat in 2000. The share of external debt in GDP in 2008 amounted to 5.3 percent compared to 18.6 percent in 2003.
Population's income in 2009 amounted to 22396.1 million manat (compared to 4047.3 million manat in 2000), the costs - 17547.6 million manat (3272.2 million manat), savings in 2009 4848.5 million manat (775.1 million manat).
In 2009, the economically active people in Azerbaijan made up 4,331,200 with 4,071,600 involved in economy compared to 3,748,200 and 3,704,500 respectively in 2000. Nominal wages in 2009 amounted to 298 manat compared to 44.3 in 2000.
The total investments in the country's economy in 2009 amounted to 1477.4 million manat (5887.6 million manat internal investment and 7365 million manat foreign) compared to 4249.2 million manat in 2003 (including 3310.9 million manat internal and 938.3 million manat foreign investment).
The collection "The Republic of Azerbaijan: economic development, social progress and cultural creation" was prepared by Scientific-Research Institute on economic reforms of Economic Development Ministry of Azerbaijan to create single database about Azerbaijan. It contains information on economic and trade relations, investment environment, business development and other areas over the period of 2000-2009.
Official rate on July 16 is 0.8036 AZN/USD.
