Baku, Azerbaijan, June 13
By Azad Hasanli – Trend:
Russia’s ACRA rating agency expects the real growth of Azerbaijan’s economy to reach 1.5-1.8 percent in 2018, Zhannur Ashigali, deputy director of the ACRA Research and Forecasting Group, told Trend June 13.
“The real growth of the country's economy will increase up to 2-2.5 percent in 2019,” he said. “ACRA’s forecasts for this year correspond to the forecasts of the Azerbaijani government, which also expects real GDP growth at 1.5 percent. For 2019, the government predicts the economic growth at four percent.”
According to ACRA, consumer inflation during this period will be in the range of 6-6.5 percent with a slowdown trend towards the end of the period.
As for the factors that can support the country's economic growth, the Trans-Anatolian Natural Gas Pipeline (TANAP), which is part of the Southern Gas Corridor, which envisages gas supply from Azerbaijan’s Shah Deniz Stage 2 to the European markets, will strengthen the country’s economic growth indicators, but will not change the general economic development.
"ACRA expects Azerbaijan’s economy to enter a stable-positive phase, but economic growth will be restrained, partially due to the weakening of the current account and partially due to the limited industrial growth in the country," Ashigali said.
According to the Azerbaijani State Statistics Committee, the country's GDP was 1.2 percent, the non-oil economy grew by 2.1 percent in January-April 2018. Inflation was 3.5 percent in January-April 2018.
Follow the author on Twitter: @AzadHasanli