In the future, crises are expected after high prices, and this is inevitable, Azerbaijani Minister of Economy Mikayil Jabbarov said.
He noted that although it’s not known when this will happen, the country must be ready for it, and is preparing plans in accordance with expectations.
“The prices will drop for come products. The main thing is that we maintain our stability both in the period of positive and negative market conditions,” the minister added, Report informs.
Pursuant to the State Statistics Committee, in the first half of the year the Azerbaijani economy grew by 6.2%.
The country produced gross domestic product (GDP) worth 63.364 billion manats ($37.308 billion), of which 33.773 billion manats ($19.885 billion) were in industry. Over the year, production increased by 0.6% in the oil and gas industry, and by 11.5% in the non-oil and gas industry.
From January through June 2022, Azerbaijan conducted trade operations with foreign countries for $24.8 billion, which is 74.9% more than in the same period last year. Over the past six months, the foreign trade turnover accounted for $18.479 billion of exports and $6.357 billion of imports.
Over the past year, exports increased 2.1 times, and imports - by 17.9%. A positive balance of $12.1 billion formed in foreign trade. This is 3.5 times more than in the annual comparison.
Annual inflation in the country amounted to 12.9%.
