Azerbaijani government publicize macroeconomic forecasts for 2010
Azerbaijan, Baku, Oct. 5 / Trend I.Khalilova /
In 2010, the volume of GDP production is expected to reach 31.8 billion manat with the growth rate of 6.8 percent in Azerbaijan, the government's macroeconomic projections reported. However, GDP per capita is expected to reach $4,511.
In 2010, GDP growth in the Azerbaijani non-oil sector is expected to be 4.9 percent and in the oil sector - 8.3 percent. In 2009 the government expects inflation at 3 percent.
Growth of industrial production in the non-oil sector is expected to reach 2.4 percent, agriculture - 4 percent, transport - 9.3 percent, communications - 17 percent and retail trade - 7.1 percent. The growth of total industrial production is expected to reach 7.8 percent.
The Azerbaijani government planned to increase the average monthly salaries and pensions to improve the social situation of the population in subsequent years. In 2010, the people's income will increase by 10 percent and reach 24.9 billion manat, and the average monthly salary by 16,9 percent to 365.6 manat.
In 2010, the investments in the economy are planned to amount to 10.5 billion manat, with an increase of 4 percent compared to 2009. Thus 80.9 percent (8.5 billion manat) will fell to the domestic investment.
The reduction in tax rate from 22 percent to 20 percent in 2010 and increase in annual turnover for the taxpayers on the simplified system from 90,000 to 150,000 will contribute to the increase in revenue of non-oil sector and its development.
According to the adjusted governmental forecasts for 2009, GDP growth is expected to reach 10 percent. Growth of GDP in Azerbaijani non-oil sector is expected to be 5-7 percent in 2009. The government expects inflation at 5 percent.
Under the macroeconomic projections approved in late 2008, the Azerbaijani government forecasted growth of GDP to be 18.9 percent in 2009, 6.6 percent in 2010, 4.5 percent in 2011 and 2.4 percent in 2012.
Thus, the government forecasted increase in GDP per capita by $6, 300.8 dollars in 2009, $6,399.9 in 2010, $ 6,859.6 in 2011 and $7, 142.9 in 2012.
In January to August 2009, Azerbaijan's GDP grew by 5 percent compared to the same period of 2008 and constituted 20,628 million manat at current prices. GDP per capita amounted to 2,341.3 ($2,912.1) with an increase of 3.7 percent.
On Oct.5, the official exchange rate is 0.8035 manat to $1.
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