UN predicts Azerbaijan's GDP growth at 5 percent in 2014

Photo: UN predicts Azerbaijan's GDP growth at 5 percent in 2014 / Economy news

Baku, Azerbaijan, Jan. 24
By Abbas Akhundov - Trend:

UN predicts Azerbaijan's GDP growth at five percent in 2014, according to World Economic Situation and Prospects 2014 report. The similar forecast for 2015 was formed.

The Azerbaijani government forecasts GDP growth in 2014 at 4.7 percent.

Azerbaijan's real GDP growth amounted to 5.8 percent in 2013, GDP growth in the non-oil sector was 9.8 percent. As of 2013, the country's GDP increased to 57 billion manat.

The UN expects that the unemployment rate will hit 5.4 percent in Azerbaijan in 2014 and 5.5 percent in 2015. The unemployment rate dropped to five percent in 2013, according to the government.

The inflation reached five percent in 2014 and 4.5 percent in 2015, according to the UN expectations.

As of 2013, the inflation in the country hit 2.4 percent.

"This year Azerbaijan must try for the inflation to remain at the level of 2013, Azerbaijani President Ilham Aliyev said at a meeting of the Cabinet of Ministers dedicated to the results of socio-economic development in 2013 and the upcoming challenges in 2014.

translated by NH
edited by CN

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