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Economic Boost Expected in 2005, Minister of Economic Development Says
Azerbaijan will see rapid economic growth in 2005, Minister of Economic Development Farhad Aliyev said.
According to Minister Aliyev, 2005 will see a rapid GDP growth, expected to reach $9.75 billion next year, 14.1% increase compared to 2004. The base oil price is expected to be at $25 a barrel, the Minister said. Current inflation rate is 5.9%, and it is forecasted to remain at 5% throughout the next year.
In addition, significant growth is expected in foreign trade turnover, with exports reaching $3.9 billion and imports at $3 billion, representing a surplus of $900 million.
As in previous years, the 2005 state budget will be socially-oriented - funding for education and healthcare will be increased, the minimum wage and pensions will also be raised, and positive steps will be taken to improve the economic legislation," the Minister said.
Source: Azernews
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