Azerbaijan's economy growing, says Fitch report
By Trend
Fitch Ratings, an international rating agency, has noted improvement in the macroeconomic conditions in Azerbaijan, the agency said in a message.
The message reads that in January-September 2018, the economy of Azerbaijan grew by 0.8 percent year-on-year, while the growth rate of non-oil GDP was one percent.
Inflation fell sharply from 12.9 percent at the end of 2017 to 2.4 percent by the end of October 2018.
According to the message, the Central Bank of Azerbaijan (CBA) lowered the discount rate to 9.75 percent last month.
“The CBA noted a further reduction in external vulnerabilities, with higher average oil prices and stronger non-oil exports pushing the balance of payments further into surplus,” the agency said.
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