ADB revises forecasts for Azerbaijan's economic development

Business Materials 14 September 2011 22:08

Azerbaijan, Baku, Sept. 14 /Trend, N.Ismayilova/

Asian Development Bank (ADB) has revised its forecasts for GDP growth and inflation expectations for Azerbaijan in 2011 and 2012, Asian Development Outlook Update 2011 says.

Bank forecasts three percent growth in GDP for Azerbaijan in 2011 and 4.5 percent in 2012.
ADB kept inflation forecasts for Azerbaijan unchanged - 7.5 percent in 2011 and seven percent in 2012.

The Azerbaijani government revised nominal GDP growth forecast in the summer, increasing it from 40.197.3 billion manat to 44.788.8 billion manat (an increase of 4.591.5 billion manat or 11.4 percent). Compared with the previous year, the growth in 2011 is expected to reach 7.66 percent. Azerbaijan's GDP growth rates by end of 2010 amounted to five percent, in non-oil sector - 7.9 percent.

The index of consumer prices this year is projected at 7-8 percent compared to 5.7 percent in 2010.

According to the International Monetary Fund (IMF), Azerbaijan's GDP growth rate in 2011 is expected at 2.8 percent, in 2012 - 2.5 percent and in 2016 - 2.8 percent. IMF forecasts inflation in Azerbaijan in 2011 at 10.3 percent.