Azerbaijan's economy more than triples over last 18 years

From 2004 to 2021, the economy of Azerbaijan has grown 3.4 times, Deputy Minister of Economy Elnur Aliyev said at the Azerbaijan Investment and Young Entrepreneurs Forum jointly organized by the Islamic Cooperation Youth Forum (ICYF) and the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy.

"During these years, industrial production increased by 3.7 times, agricultural production rose by two times, exports grew by 9.2 times, including non-oil exports by 7.3 times. Our foreign exchange reserves grew by over 33 times, and our foreign trade turnover increased by 6.8 times. With the strengthening of the innovation-oriented economy and financial stability in the new strategic development stage of Azerbaijan, the value of the country's foreign trade turnover exceeded $46 billion in 10 months of this year, and a positive balance of more than $23 billion was formed," he said.





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