Azeri gov’t predicts 7% inflation in 2010
Inflation is predicted at 6-7% in Azerbaijan this year, according
to the State Statistics Committee chairman.
Arif Valiyev told a press conference Friday that single-digit inflation was reported in the country in the first few months of 2010, averaging 3.8% in January-March. Prices for food increased 2.5%, while those for other goods 1.6%, and fees on services rose 8.5% in this period.
The Committee chairman said price rises will continue throughout the first half-year, but prices for consumer goods are predicted to stabilize in the second half of 2010.
Valiyev went on to say that Azerbaijan’s economic growth increased 5.4% to reach 9.6 billion manats so far this year. According to him, the private sector accounted for 85% of the Gross Domestic Product (GDP). The GDP is expected to hit 40bn manats ($50bn) by the end of 2010.
Valiyev noted that per capita GDP rose 4.2% in the first quarter of the year in comparison with the same period of 2009 to reach 1,074 manats ($1,337).
In the non-oil sector, growth was reported at 4.3% in Q1. Also, domestic oil production increased 6.4% to reach 12.3 million tons. Gas output increased 10% compared to Q1 2009 to make up 6.5 billion cubic meters.
According to Valiyev, Azerbaijan conducted import and export transactions with 105 countries exceeding $3.92bn in January-February 2010. Exports totaled $3.21bn of the trade turnover, while imports made up $703.7 million. Thus, the positive trade balance stood at around $2.51bn.
In comparison with January-February 2009, foreign trade increased 1.6 times, with exports more than doubled, while imports decreased 23.8%. 58.2% of the trade transactions were carried out with European countries, 32% with Asia, 8.6% with the Americas, 1.1% with the African states, and 0.1% with Oceania.*
Arif Valiyev told a press conference Friday that single-digit inflation was reported in the country in the first few months of 2010, averaging 3.8% in January-March. Prices for food increased 2.5%, while those for other goods 1.6%, and fees on services rose 8.5% in this period.
The Committee chairman said price rises will continue throughout the first half-year, but prices for consumer goods are predicted to stabilize in the second half of 2010.
Valiyev went on to say that Azerbaijan’s economic growth increased 5.4% to reach 9.6 billion manats so far this year. According to him, the private sector accounted for 85% of the Gross Domestic Product (GDP). The GDP is expected to hit 40bn manats ($50bn) by the end of 2010.
Valiyev noted that per capita GDP rose 4.2% in the first quarter of the year in comparison with the same period of 2009 to reach 1,074 manats ($1,337).
In the non-oil sector, growth was reported at 4.3% in Q1. Also, domestic oil production increased 6.4% to reach 12.3 million tons. Gas output increased 10% compared to Q1 2009 to make up 6.5 billion cubic meters.
According to Valiyev, Azerbaijan conducted import and export transactions with 105 countries exceeding $3.92bn in January-February 2010. Exports totaled $3.21bn of the trade turnover, while imports made up $703.7 million. Thus, the positive trade balance stood at around $2.51bn.
In comparison with January-February 2009, foreign trade increased 1.6 times, with exports more than doubled, while imports decreased 23.8%. 58.2% of the trade transactions were carried out with European countries, 32% with Asia, 8.6% with the Americas, 1.1% with the African states, and 0.1% with Oceania.*
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