WB predicts 5.3 pct GDP growth in Azerbaijan
By Nigar Orujova
The World Bank (WB) has improved its forecast for GDP growth in Azerbaijan in 2014.
The WB report "Global Economic Prospects" published on January 15 says that during the year the country's GDP will grow by 5.3 percent.
The previous forecast of the Bank released in June 2013 expected growth of the Azerbaijan's economy at the level of 4.8 percent.
Economic activity strengthened in the Europe and Central Asia region in 2013 supported by strengthening external demand. The return to growth in the Euro Area in the second quarter of 2013 supported real side activity in the region, particularly in the Central and Eastern European countries, due to strong trade linkages, according to the bank.
The performance among the Commonwealth of Independent States has been mixed.
"Among energy-exporting countries (Azerbaijan, Kazakhstan, and Uzbekistan), activity has remained strong, reflecting relative strength in energy-related commodity prices, expansion of production in extractive sectors, and robust growth in domestic demand," the report said.
The GDP forecast for the next 2015 year remains unchanged and sets at 4.5 percent level. While in 2016, according to the WB, the growth will be 3.9 percent.
The bank forecasts the ratio of current account surplus to GDP to reach 15.9 percent in 2014, 14.3 percent in 2015, and 12.5 percent in 2016. In 2013, according to preliminary estimates of the bank, the figure was 17.7 percent.