Azerbaijan’s economy grew 1.5 percent in the first half of 2012 from a year earlier, President Ilham Aliyev told a Cabinet meeting, Azartac reported.
The Caspian Sea nation’s non-oil economy expanded 11.3 percent, according to Aliyev, who said this was the fastest growth of any nation in the world in the first half, the state news agency reported. Azerbaijan’s inflation accelerated to 2.2 percent in the first six months of the year, he told the Cabinet in Baku, the capital, today, according to Azartac.
Azerbaijan is the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan. Its economy grew 0.1 percent last year after oil production fell 10.2 percent.