Azerbaijan, Baku / Trend corr I. Khalilova, A. Badalova / In 2008, the nominal amount of GDP in Azerbaijan will make up $44.4bln ($31.1bln in 2007), according to the International Monetary Fund's (IMF) October regional economic review covering Middle East and Central Asian countries. Oil GDP will rise by 8.6% in 2008 (8.9% in 2007).
Oil-exporting countries are expected to grow by about 6? percent. Non-oil activity has underpinned overall GDP growth in Algeria, Bahrain, Kazakhstan, and the U.A.E., chiefly from booming construction activity; in Kuwait from financial services; and in Saudi Arabia from manufacturing, construction, and financial services. Expansion in the oil and gas sector has been the driving force in Azerbaijan and Qatar. Oil GDP contracted in Kuwait, Saudi Arabia, and Syria.
According to IMF forecasts, rise in oil real GDP in Azerbaijan will amount to 35.4% in 2008 (53.3% in 2007). Oil production is expected to comprise 1.1mln barrels per 24 hours (0.9mln barrels in 2007). Oil Export will make up 1mln barrels per 24 hours (0.8mln barrels in 2007).
Azerbaijan's current account balance is forecasted to comprise $17.7bln in 2008 ($9.8bln in 2007).