Azernews.Az

The United Nations predicts an increase in Azerbaijan's real GDP by 4 percent in 2012, according to a report posted on the UN website on Wednesday.

The report, "World Economic Situation and Prospects 2012", says Azerbaijan's gross domestic product will continue growing in 2013, with annual growth expected at 3.9 percent.

As for other Commonwealth of Independent States countries, the UN predicts Belarusian real GDP growth this year at 1 percent, while the economies of Moldova and Russia are expected to grow 3.9 percent, and that of Ukraine 3.8 percent.

"High economic growth rates achieved ahead of the 2008 recession have yet to return to the CIS and Georgia," the report said. "The aggregate growth for the CIS is expected to decelerate to 4.0 per cent in 2012 before accelerating somewhat in 2013 as demand from developed economies eventually strengthens."

The report says economic activity expanded in the CIS in 2011, although growth was subdued in comparison to the faster pace observed prior to 2008. Aggregate GDP in the region rose by about 4.3 percent in 2011, compared to 4.5 percent in 2010, with Russia remaining the major force of economic dynamism in the CIS region. Growth will, however, weaken in the outlook due to the deterioration of the global economic situation, particularly in developed economies, and the resulting decline in commodity exports and commodity prices, according to the report.

In comparison with the UN projections, the World Bank expects slower economic growth in Azerbaijan this year. The WB forecasts Azerbaijan's GDP growth in 2012 at 3.1 percent.