IMF forecasts Azeri GDP growth at 7 pct in 2012
Azerbaijan’s economic growth is projected at 7.1 percent in 2012 and at 2.3 percent in 2016, the International Monetary Fund (IMF) said in its updated forecasts.
By late 2011, GDP growth will be 0.2 percent in Azerbaijan, according to IMF's World Economic Outlook report posted on the organization’s website on Wednesday.
IMF also predicts that in 2011 inflation in Azerbaijan will be at 9.3 percent, down from the 10.3 percent projected earlier. Inflation in 2012 is projected at 10.3 percent, and in 2016 at 5.4 percent.
The Fund estimates that in 2011 Azerbaijan will have a balance of payments surplus accounting for 22.7 percent of the GDP, 19.3 percent in 2012, and 8.2 percent in 2016.
Earlier, the Asian Development Bank (ADB) predicted a 3 percent GDP growth for Azerbaijan in 2011 and 4.5 percent in 2012 in its Asian Development Outlook Update. ADB kept inflation forecasts for Azerbaijan unchanged, with 7.5 percent predicted in 2011 and 7 percent in 2012.
The Azerbaijani government revised up its GDP forecast in the summer from around 40.197 billion manats to 44.788 billion manats ($56.693 billion). GDP growth in 2011 is expected to be 7.6 percent, it said.
Azerbaijan's GDP growth amounted to 5 percent in 2010, with 7.9 percent growth reported in the non-oil sector.
The government says that the consumer price index this year is projected at 7-8 percent, compared to 5.7 percent posted in 2010.
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