Azerbaijan, Baku, Oct. 12 / Trend I. Khalilova /
There is potential for dynamic socio-economic development in all sectors of Azerbaijani economy next years, Shahin Mustafayev, Minister of Economic Development, said during the discussions of the draft budget for 2011 at the plenary session of the Azerbaijani Parliament.
"According to the forecasts, the rates of economic growth will hit 3.8 percent and the nominal value of GDP is projected to the amount of 40.2 billion manat (about $ 50 billion)," the minister said.
The mid-term economic growth is projected at 7 percent till 2014.
In 2011, GDP per capita is projected at $5,540.
"As GDP per capita hits $7,100 in 2014, Azerbaijan will strengthen its position among the countries with high average income," the minister said.
Inflation rates are expected to hit 5 percent rate next year. The national currency will hit 0.804 manat compared to U.S. dollar. Taking into account the forecasts of international organizations and the oil-producing countries, oil prices were fixed at $60 per barrel in the state budget.