Azerbaijani President Ilham Aliyev today presided over a Cabinet's meeting to discuss results of the socio-economic development in the first quarter 2012.In his opening remarks, the President said the year started successfully. GDP rose 0.3%, and in non-oil sector this indicator averaged 7,7 percent.

Though the industrial production decreased by 0.3 percent, the share of non-oil sector in industry has increased by 16,5 percent, which is record in independence years.

The Head of State said the policy of industrialization already yields certain results. The macro-economic indices are positive, the inflation rate made up 3,1%, population's monetary profits rose over 14 %. The yearly strategic monetary resources of Azerbaijan are over 43 billion dollars.

The President said the State Oil Fund's new strategy was defined, its portfolio of investment enlarged, as a result the state economically became more powerful.

The state investment program and the country's industrial potential was successfully implemented and there was no problem in the implementation of social programs and projects, the President said.

Over 24 thousands of workplaces were opened, of them, 20 thousand are constant workplaces.

Noting the state will continue to pay special attention to the solution of social problems, President Ilham Aliyev said the soviet time's bank deposits of population would be returned. Touching upon the issue on repayment of USSR bank savings, President Aliyev said AZN 1 bn was considered to allocate for this purpose.

"Azerbaijan strengthened the international positions in the first quarter" head of state said, noting that Azerbaijan started fulfillment of powers as member to UN Security Council and would chair this organization from next month. The President noted that, Azerbaijan was represented successfully in Davos Economic Forum, Munich Security Conference and Nuclear Security Summit in Korea. Second session of Euronest Parliament Assembly was held in Baku.

Then, Ministers of Taxes Fazil Mammadov, of Health Ogtay Shiraliyev, of Ecology and Natural Resources Huseyngulu Bagirov informed about the outcomes of socio-economic development in the country in 2012.

President Ilham Aliyev spoke about extension of cashless payments, strengthening of struggle against corruption, application of switching to e-service in the state bodies in a short-run and gave certain tasks. He also noted that, number of agro service companies had to be increased, and solution of ecological issues had to be paid much attention.

The Head of State said the works on providence of energy security must be extended, the reconstruction works must continue.