IMF forecasts 7-percent GDP growth in Azerbaijan in 2012
Azerbaijan, Baku, Sept.21 / Trend, N. Ismayilova /
The International Monetary Fund (IMF) updated forecasts for economic growth in Azerbaijan in 2011-2012, the IMF's report World Economic Outlook September 2011 posted on the organization's website on Wednesday says.
According to IMF updated forecasts, in late 2011, GDP growth will reach 0.2 percent in Azerbaijan (April forecast was at 2.8 percent). In 2012 GDP growth is forecasted at 7.1 percent (2.5 percent), and in 2016 at 2.3 percent (2.8 percent).
According to IMF forecasts, in 2011 inflation in Azerbaijan will reach 9.3 percent, whereas earlier the Fund forecast inflation for the current year was at 10.3 percent. IMF forecasts inflation for 2012 at 10.3 percent (7.5 percent), and in 2016 at 5.4 percent (five percent). According to IMF forecasts, inflation in December 2011 will amount to 11.2 percent compared to December 2010, and 9.5 percent in 2012.
According to the Fund's estimates for 2011 Azerbaijan will have a payment balance surplus of 22.7 percent of GDP (September forecast of 28.4 percent), in 2012 at 19.3 percent (24.2 percent), and in 2016 at 8.2 percent (17.2 percent).
Earlier the Asian Development Bank (ADB) revised its forecast for GDP growth and inflation expectations for Azerbaijan in 2011 and 2012. According to an Asian Development Outlook Update for 2011, the bank forecasts a 3 percent growth in GDP for Azerbaijan in 2011 and 4.5 percent in 2012. ADB kept inflation forecasts for Azerbaijan unchanged, with 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 the end of 2010 amounted to five percent and 7.9 percent the non-oil sector. The index of consumer prices this year is projected at 7-8 percent, compared to 5.7 percent in 2010.