Azernews.Az

A monitoring conducted by the Central Bank of Azerbaijan (CBA) enables optimistic expectations for economic growth in the country, a report on monetary policy following the first half-year said on Thursday.

"According to the monitoring results, growth is projected in industrial production and demand for services compared to last year. Positive expectations particularly apply to such industries as chemicals, textile and construction materials, as well as communications, transport and tourism segments of the services sector," the report said.

In general, the monitoring results show an increase in the number of enterprises, with growing production and turnover.

According to forecasts of the government as well as international institutions, economic growth in the country is expected to continue. The latest report of the World Bank said Azerbaijan's economy will continue to grow in the current and coming years. The bank forecasts economic growth in Azerbaijan in 2012 and 2013 at 3.1 and 3.5 percent respectively, with the non-oil sector expected to grow 5.5-6 percent annually. In general, according to projections of the World Bank as well as the UN, IMF and EBRD, the growth of Azerbaijan's economy is expected on average at 3.5 percent, the report says.

The central bank estimates that the difference between potential and actual GDP rates will reach 1.1 percent.