ADB expects growth rates in Azerbaijan’s non-oil sector
Azerbaijan, Baku, Dec. 9 / Trend, N. Ismayilova /
The Asian Development Bank (ADB) expects growth rates will be maintained in Azerbaijan's non-oil sector, ADB's economics officer in Azerbaijan Nail Valiyev told journalist on Friday.
"ADB regularly monitors the situation in the country's economy. We also monitored the decline in the production and export of oil sector's products which caused lower economic growth rates," Mr Valiyev said.
He said the Asian Development Bank intends to hold talks with oil company BP on forecasts of oil sector development in the coming years, given its importance for the further development of the country. According to the bank's expectations, the growth of non-oil sector will have a major impact on GDP growth rate in the country.
The ADB revised forecasts of GDP growth and inflation expectations for 2011 and 2012 for Azerbaijan. According to an Asian Development Outlook Update for 2011, the bank forecasts a 3 per cent growth in GDP for Azerbaijan in 2011 and 4.5 per cent in 2012. ADB kept inflation forecasts for Azerbaijan unchanged, with 7.5 per cent in 2011 and seven per cent in 2012.