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IMF: Growth of non-oil GDP in Azerbaijan will amount to 4.2 percent in 2010

Business Materials 3 March 2010 14:46 (UTC +04:00)
In 2010, the International Monetary Fund (IMF) expects the restoration of growth of non-oil GDP to 4.2 percent in Azerbaijan, Head of IMF mission to Azerbaijan Nienke Oomes, who is on visit to Baku for consultations under Article IV of the Agreement on the establishment IMF, said today.
IMF: Growth of non-oil GDP in Azerbaijan will amount to 4.2 percent in 2010

Azerbaijan, Baku, March 3 / Trend N.Ismayilova /  

In 2010, the International Monetary Fund (IMF) expects the restoration of growth of non-oil GDP to 4.2 percent in Azerbaijan, Head of IMF mission to Azerbaijan Nienke Oomes, who is on visit to Baku for consultations under Article IV of the Agreement on the establishment IMF, said today.  

Based on IMF projections, in 2010 oil production will increase by only 1.3 percent respectively of total GDP growth will amount to 2.7 percent, she said.

According to her, in 2009 the growth rate of non-oil sector in the country declined from 16 percent to 3 percent.

"In 2010, the country's inflation is projected at four percent," she said.

She said the growth could be below the projected level, if the representatives of the business remain pessimistic mood, or if the recovery in external demand is only moderate.
She believes Azerbaijan's economy not so much suffered from the impact of the global financial crisis in 2009, but failed completely avoid the impact of the crisis.

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