Chief of IMF's Mission to Azerbaijan talks country's GDP

Economy Materials 27 June 2019 17:51 (UTC +04:00)

Baku, Azerbaijan, June 27


The GDP growth of Azerbaijan will equal to 2.7 percent this year, whereas the inflation rate on average will amount to 3.3 percent, Natalia Tamirisa, the chief of International Monetary Fund’s (IMF) Mission to Azerbaijan, said in Baku at a press-conference, Trend reports.

She stated that International Monetary Fund forecasts country’s non-oil economy growth to stay within 2.1 percent and 2.5 percent after 2019.

“We expect the increase of oil extraction in the country this year which will lead first to oil economy increase followed by a decrease later on. We expect the surplus of consolidated budget to equal to 5.8 percent of GDP, whereas the surplus of current account is expected to exceed 10 percent,” she added.

Tamirisa also highlighted the importance of slow consolidation of the state budget. She reminded that consolidation is aimed at supporting the economy growth and it is to be reached by considering investments into human capital among top priorities.

The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.