Baku, Azerbaijan, Sept. 21
By Kamala Mammadli - Trend:
In line with the forecasts of the International Monetary Fund (IMF), the growth of real gross domestic product (GDP) of Azerbaijan will amount to 2.1 percent in 2020, which is 0.6 percentage points lower than previous figures, Trend reports referring to the IMF report dedicated to the completion of Article IV consultations with the government of Azerbaijan for 2019.
Non-oil sector GDP growth will be 2.7 percent (a decrease of 0.1 percent compared to this year), oil GDP will grow by 1.2 percent (a decrease of 1.3 percent year-on-year), said the report.
According to the forecasts of the fund, the unemployment rate in Azerbaijan in 2020 will remain unchanged at 5 percent. The consumer price index will be 3.3 percent.
Government revenues (including grants) will be at 37.8 percent of GDP, and expenditures at 34.4 percent, IMF report said.
Government current expenditures are estimated at 25.8 percent, capital expenditures and net lending - 8.6 percent, fiscal balance - 3.4 percent.
Total government debt (direct borrowing) in 2020 will decrease by 1.1 percent compared to 2019 and amount to 18.6 percent of GDP.
The volume of “broad money” will be 6 percent of GDP, bank loans in the private sector - 8.2 percent.
In 2020, the balance of payments is expected to reach 10 percent of GDP, foreign direct investments - 4.7 percent.