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Azerbaijan economy to hit record $76.5 billion this year - president

Published 11/21/2022, 08:46 AM
Updated 11/21/2022, 09:26 AM
© Reuters. FILE PHOTO: People walk along a quay, with buildings under construction in the background, in Baku, October 13, 2010. REUTERS/David Mdzinarishvili

BAKU (Reuters) - Azerbaijan's GDP will reach a record 130 billion manat ($76.5 billion) by the end of 2022, President Ilham Aliyev said on Monday.

Fuelled by high energy prices, Azerbaijan's oil and gas-rich economy grew by 5.2% in the first 10 months of the year, the country's statistics committee said last week.

"Our economy has grown more than 3-fold since 2003. The forecast for the end of the year shows that nominal GDP will be 130 billion manat. This is a record," Aliyev said on Monday at an event marking thirty years since the country's ruling party was founded.

© Reuters. FILE PHOTO: Azerbaijan's President Ilham Aliyev attends a meeting with Russia's President Vladimir Putin on the sidelines of the 6th summit of the Conference on Interaction and Confidence-building Measures in Asia (CICA), in Astana, Kazakhstan October 13, 2022. Sputnik/Vyacheslav Prokofyev/Pool via REUTERS

Aliyev also said the country's external debt to GDP was low at 10%, with foreign exchange reserves eight times higher.

($1 = 1.7 manat)

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