WB: Inflation to decrease significantly in 2017 in Azerbaijan

Baku, Azerbaijan, Nov. 23

By Anvar Mammadov – Trend:

Inflation is forecasted at the level of 2.4 percent in 2017 in Azerbaijan, and it will decrease to 2.1 percent in 2018, according to the World Bank’s (WB) report on Europe and Central Asia.

Earlier, the WB forecasted the growth rate of consumer price index at the level of 4.1 percent in 2017.

The bank expects the inflation at a level of 12 percent in 2016 in Azerbaijan, according to the report.

During the 10 months of 2016, prices of consumer goods and tariffs for services increased by 11.6 percent in Azerbaijan, as compared to the same period of 2015. Prices for foodstuff increased by 13.4 percent, nonfoods – by 16.3 percent, cost of paid services – by 5.4 percent.

According to the draft concept of social and economic development of Azerbaijan for 2017 and following three years, prepared by the Azerbaijani government, the inflation rate is expected at a level of 7.3 percent in 2017 and 4.9 percent – in 2018.

The growth rate of Azerbaijan’s GDP will be 1.2 and 2.3 percent, respectively, in 2017 and 2018, according to WB experts. The Azerbaijani government forecasts the real growth rate of the economy at a level of 1 and 1.5 percent, respectively, in 2017 and 2018.

The WB expects the growth of agriculture by an average of 4.1 percent in the coming three years. Thus, according to the WB, this figure will be 4.2 percent in 2016, 4 percent – both in 2017 and 2018.

The bank forecasts a recession by 3 percent in industrial sector in 2016, while the growth by an average of 1.4 percent is expected in the coming two years. The recession of services sector will be 2.2 percent in 2016, and this figure is expected at a level of 3.2 and 7 percent, respectively, in 2017 and 2018.

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