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Azerbaijani government forecasts one-digit inflation in 2009

Business Materials 25 May 2009 16:00 (UTC +04:00)

Azerbaijan, Baku, May 25 / Trend , I.Khalilova/

The Azerbaijani Government expects the GDP growth rate at 10 percent in 2009.

"The increase in GDP to a level no lower than 10 percent will largely depend on the volume of oil production. When in 2009 oil production will be at a level no lower than 40 million tons, a growth of GDP could be higher," the government said.

According to Industry and Energy Minister Natik Aliyev, the oil production is expected at 46-47 million tons, compared to 44.5 million in 2008.

The GDP growth in Azerbaijan's oil sector was forecasted at 5-7 percent in 2009. The Government is expected the inflation rate at 5 percent in 2009. However, the Government does not rule out the possibility to reach defilation by the end of the year, if the tendency of January-April is preserved.

In August, the Economy Development Ministry will represent to the government the forecast on macroeconomic indexes for 2010, 2011 and 2013.

In accordance with macroeconomic forecast as for late 2008, the Azerbaijani Government forecasted the GDP at 18.9 percent in 2009 and 6.6 percent in 2010. The World Bank forecasted the GDP growth in Azerbaijan at 10.4 percent in 2009 and 7.8 percent in 2010.

In January-April 2009, the GDP growth in Azerbaijan was 4.3 percent, including the non-oil sector - 8.4 percent and 2 percent - oil sector. In early May, the inflation reached 6.5 percent, while the figure reached 20.8 percent in 2008.

Over the last eight years, Azerbaijan's non-oil sector growth rate did not exceed 13 percent, while the average growth of the world economy hits 4.1 percent. The growth rate in Asian countries demonstrates high rate and hit 8.1 percent, China- 10.2 percent and Georgia - 7.3 percent.

Earlier, Azerbaijan's non-oil sector growth rate was forecasted at 10 percent (2009-2012) annually. The growth of the industrial production in the non-oil sector was at 9.4 percent, agriculture - 9 percent and transport - 13 percent. The Economy Development Ministry has represented to the Government corrected forecasts or 2009.

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