Azerbaijan Non-Oil Economy Expanded 10% in January, Aliyev Says
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Azerbaijan’s non-oil economy expanded more than 10 percent in January from the same month a year earlier, President Ilham Aliyev said in comments broadcast on state television channel AzTV.
The government will spend heavily in the coming years to develop industries outside of oil production, with $7.3 billion to be allocated from the budget in 2012 as part of a state investment program, Aliyev said. A further $1.7 billion will be channeled in state-guaranteed loans, bringing the total in capital investments to at least $20 billion this year.