Baku, Azerbaijan, Jan. 25
Trend:
Azerbaijan's economy in 2016 and 2017 will grow by 2.5 percent and 2.9 percent, respectively, the UN said in its "World Economic Situation and Prospects 2016" report published Jan. 25.
Inflation in Azerbaijan in these years is expected at 3.5 percent, according to the report.
In average on the CIS countries and Georgia, the UN forecasted 0.7 percent GDP growth in 2016 and 1.8 percent growth in 2017.
Inflation in these countries will be at 10.8 percent in 2016 and 7.3 percent in 2017, the report said.
Real GDP growth of Azerbaijan was 1.1 percent in 2015, GDP growth in non-oil sector amounted to 1.1 percent as well. At the end of 2015, the country's GDP grew to 54.4 billion manats.
At the end of 2015, inflation in the country stood at four percent. Last year, food products rose by 6.1 percent, non-food - by 3.8 percent, and tariffs for services increased by 1.2 percent. Inflation in Azerbaijan is forecasted at 10-12 percent in 2016, according to the updated concept of socio-economic development prepared by the country's ministry of economy.