Azernews.Az

International Monetary Fund (IMF) forecasts the growth of non-oil GDP in Azerbaijan in 2011 at 8.9 percent, according to the IMF Middle East and Central Asia Regional Economic Outlook, published on its website on Wednesday.

The report says in 2012, the non-oil GDP growth is expected to reach 6.2 percent. In 2010 the figure was 7.6 percent.

Nominal GDP in Azerbaijan in 2011 is forecast at $68.5 billion, in 2012 - $80.8 billion. In 2010 this figure amounted to $54.4 billion.

The oil GDP in 2011 will decline by 8.1 percent, and in 2012 increase by 8.2 percent. In 2010, the figure increased by 4.9 percent.

According to the IMF, in 2011, the overall GDP growth will be 0.2 percent. In 2012, the GDP growth is forecasted at 7.1 percent.

According to IMF forecasts, in 2011, the inflation in Azerbaijan will be 9.3 percent, in 2012 - 10.3 percent.

Earlier, the Asian Development Bank (ADB) revised forecasts of GDP growth and inflation expectations for 2011 and 2012 for Azerbaijan. The ADB's Asian Development Outlook 2011 Update says that in 2011 the bank expects a three-percent GDP growth for Azerbaijan, and in 2012 - 4.5 percent. Inflation forecasts for Azerbaijan will remain the same - 7.5 percent in 2011 and seven percent in 2012.

The Azerbaijani government forecasts GDP growth in 2011 at 0.9 percent, non-oil GDP - 10 percent, while oil GDP will decline by 8.7 percent. Nominal GDP is expected in amount of $53.7 billion at the rate for this year - 0.79 manat per one U.S. dollar. Inflation is expected to reach 9.8 percent.