EBRD forecasts GDP growth in Azerbaijan to be 3.5 per cent

Business Materials 24 January 2012 19:30 (UTC +04:00)

Azerbaijan, Baku, Jan.24 / Trend N.Ismayilova /

The European Bank for Reconstruction and Development (EBRD) forecasts GDP growth of Azerbaijan to be 3.5 per cent, the EBRD said on Monday.

"Diversification of the country's economy is still important since risks relating to high dependency of economy on oil became apparent during the world crisis when oil prices fell," the Bank's report said.

According to the EBRD forecast Azerbaijan leaves behind Belarus where GDP growth is estimated to be 1.5 per cent, Ukraine - 2.5 per cent but at the same level with Moldova (3.5 per cent).

According to the forecast of the Azerbaijani government, under the project of concept of socio-economic development for 2012 GDP growth is forecasted to be 5.7 per cent, non-oil GDP - 8.6 per cent and oil GDP - 1.5 per cent. Inflation rate is expected to be 6 per cent. Country's GDP is estimated to be $55.1 billion (0.79 manat to $1).

The World Bank forecasts GDP growth in Azerbaijan to be 3.1 per cent, the International Monetary Fund - 3.7 per cent and the Asian Development Bank - 4.5 per cent in 2012.