BAKU - Azerbaijan's Prime Minister Artur Rasizade hailed the oil-rich nation's economic achievements for 2004 calling it one of its best years in his annual address to the national parliament Friday.
"The year 2004 can be seen as one of the most successful years in the last decade. Growth was seen in all sectors of the economy," Rasizade said.
Azerbaijan's gross domestic product grew by 10.2 percent compared to 2003 while per capita earnings equalled 1,000 dollars (751 euros) in 2004, Rasizade said.
Spending too grew in 2004, notably in the defense sector and on social needs into which Azerbaijan invested 30 percent and 56.4 percent more funds, respectively, than in 2003, he said.
Money supply in the former Soviet republic jumped by 32 percent while bank deposits rocketed by 60 percent, "which shows that trust in the banking system is on the rise," the prime minister said.
Currency reserves in the national bank too grew by 182 million dollars to 875 million dollars in 2004. The national oil fund had nearly one billion dollars.
Azerbaijan's currency reserves are 257 million dollars higher than its external debt, Rasizade said. He gave no figure for internal debt.
Azerbaijan also reported a significant influx of investment last year which Rasizade said equalled 5.4 billion dollars or a 27.3 percent increase.
Imports and exports accounted for 7.1 billion dollars worth of trade in 2004, almost a 40 percent jump over 2003, but the share of oil in trade grew from 14 percent to 19 percent despite calls the authorities own calls to diversify the economy.
Rasizade said that incomes grew by 18.9 percent outpacing annual inflation of 2.8 percent, but independent economists have said the figure is closer to 10 percent.
The number of people living below the line of poverty edged down to 42 percent from 45 percent of Azerbaijan's eight-million population in 2004, Rasizade said.
About 167,000 jobs were created throughout 2004 in Azerbaijan, he said.
03/18/2005 11:55 GMT