Azerbaijan to be among fastest growing economies in 2010: UN
Azerbaijan is expected to be among the fastest growing economies in
2010, with 7% projected growth, owing mainly to expected high fuel
prices and increased external demand, a UN body estimates.
The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said, however, that the performance of the non-oil sector is expected to lag behind the oil sector.
According to its 2010 report, annual consumer price inflation could reach 6% this year due to higher energy and commodity prices, increased capital inflows and expected rise in domestic demand. Also, the foreign capital inflows are expected to increase owing to the resumption of global growth.
Assessing the impact of the economic crisis and overall economic performance in 2009, the report said Azerbaijan’s GDP grew by 9.3% last year, buoyed by strong domestic demand. Retail trade grew by 8.9% in that period. The industrial sector which expanded by 8.6% in 2009 was one of the main contributors to economic growth of the country. Agricultural production grew by 3.5% in 2009.
Exports and imports declined by 69.2% and 14.6% respectively in 2009. As a result, the trade surplus narrowed from more than $40 billion in 2008 to $8.6 billion in 2009. Hydrocarbons exports accounted of more than 80% of the total export earnings.
The report, published by ESCAP in May, is not an official document and merely aims to provide information.
Established in 1947 with its headquarters in Bangkok, Thailand, ESCAP seeks to overcome some of the region’s greatest challenges.*
The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said, however, that the performance of the non-oil sector is expected to lag behind the oil sector.
According to its 2010 report, annual consumer price inflation could reach 6% this year due to higher energy and commodity prices, increased capital inflows and expected rise in domestic demand. Also, the foreign capital inflows are expected to increase owing to the resumption of global growth.
Assessing the impact of the economic crisis and overall economic performance in 2009, the report said Azerbaijan’s GDP grew by 9.3% last year, buoyed by strong domestic demand. Retail trade grew by 8.9% in that period. The industrial sector which expanded by 8.6% in 2009 was one of the main contributors to economic growth of the country. Agricultural production grew by 3.5% in 2009.
Exports and imports declined by 69.2% and 14.6% respectively in 2009. As a result, the trade surplus narrowed from more than $40 billion in 2008 to $8.6 billion in 2009. Hydrocarbons exports accounted of more than 80% of the total export earnings.
The report, published by ESCAP in May, is not an official document and merely aims to provide information.
Established in 1947 with its headquarters in Bangkok, Thailand, ESCAP seeks to overcome some of the region’s greatest challenges.*
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