Gov’t predicts further economic growth in 2010
Most fields of Azerbaijan’s economy will see growth in 2010 and
macroeconomic stability seen in the country during recent years
will be maintained, the government predicts.
According to official projections, the focus this year will be on a wide diversification of the economy, in particular, of budgetary and export revenues. The main objective facing the government today is to achieve Azerbaijan’s reaching the ranks of an upper-level middle-income country.
Azerbaijan’s Gross Domestic Product (GDP) is expected to increase by 6.8% this year. An 8.3% growth is predicted in the oil sector, while the non-oil economy will increase by 4.9%. Industrial production will exceed the 2009 level by 7.8%. Agricultural output is forecast to grow 4%; the communications sector will increase 17% and the transport sector 9.3%. However, no drastic changes are anticipated in the domestic construction sector in 2010.
Per capita GDP is expected to reach $4,511 this year, a $106 increase from 2009. Average monthly wages are predicted to increase by 17% to 365 manats ($456).
The government estimates inflation will reach around 3% and the rate of US dollar will remain at 0.80 manats this year.
A staggering $11.6 billion will be injected into the fast-growing Azerbaijani economy from domestic sources in 2010, while foreign investment will make up an additional $2.4 billion.
In keeping with the government’s goals to promote sustainable economic growth this year, the Central Bank aims to ensure a stable rate of the national currency, low inflationary levels and financial stability, as well as to support overall economic growth in the country.*
According to official projections, the focus this year will be on a wide diversification of the economy, in particular, of budgetary and export revenues. The main objective facing the government today is to achieve Azerbaijan’s reaching the ranks of an upper-level middle-income country.
Azerbaijan’s Gross Domestic Product (GDP) is expected to increase by 6.8% this year. An 8.3% growth is predicted in the oil sector, while the non-oil economy will increase by 4.9%. Industrial production will exceed the 2009 level by 7.8%. Agricultural output is forecast to grow 4%; the communications sector will increase 17% and the transport sector 9.3%. However, no drastic changes are anticipated in the domestic construction sector in 2010.
Per capita GDP is expected to reach $4,511 this year, a $106 increase from 2009. Average monthly wages are predicted to increase by 17% to 365 manats ($456).
The government estimates inflation will reach around 3% and the rate of US dollar will remain at 0.80 manats this year.
A staggering $11.6 billion will be injected into the fast-growing Azerbaijani economy from domestic sources in 2010, while foreign investment will make up an additional $2.4 billion.
In keeping with the government’s goals to promote sustainable economic growth this year, the Central Bank aims to ensure a stable rate of the national currency, low inflationary levels and financial stability, as well as to support overall economic growth in the country.*
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