Azernews.Az

By Nigar Orujova

The World Bank expects Gross Domestic Product growth in Azerbaijan to reach 4.2 percent in 2013, the WB said in the "Global Economic Prospects" report on Wednesday.

Last June, the WB published its forecast on GDP growth in the fast-growing South Caucasus republic, which was indicated at 3.5 percent in 2013.

The WB had forecasted 2 percent GDP growth in Azerbaijan in 2012, but the figure made up 2.2 percent.

According to Economic Development Minister Shahin Mustafayev, GDP growth in Azerbaijan in 2012 like in the previous year was entirely provided by the non-oil sector. The growth of the non-oil sector in 2012 was 9.7 percent, and the share in GDP rose to 52.7 percent.

The WB expects gross production to increase by 3.7 percent in Azerbaijan in 2014 and 3.6 percent in 2015.

According to WB projections, the ratio of the current account surplus to GDP is expected to be 12.4 percent in 2013, 11.4 percent in 2014, and 9.9 percent in 2015.

According to the state forecasts, GDP growth rate in 2013 is projected at 5.3 percent, and the total volume of Azerbaijan's GDP in 2013 will reach $71 billion, with 55 percent of the growth expected to be provided by the non-oil sector.

According to the International Monetary Fund (IMF) forecast, Azerbaijani GDP growth will be at 3.8 percent in 2013.

The European Bank for Reconstruction and Development (EBRD) predicts the real GDP growth to be 3 percent in 2013.

The Asian Development Bank (ADB) projected GDP growth rate in Azerbaijan at 3.5 percent in 2013.

Rating agency Moody's Investors Service expects the Azerbaijani GDP to reach $73 billion in 2013. Moody's expects that Azerbaijani GDP per capita will total $7,874 in 2013.

According to the CEBR think-tank's predictions, the world economy will remain very weak in 2013.

The WB estimates global economic growth at 2.4 percent in 2013, 3.1 percent in 2014, and 3.3 percent in 2015. The growth in Europe and Central Asia is expected to be 3.6 percent, 4 percent and 4.3 percent respectively, while the growth in CIS is predicted at 3.7 percent, 4.1 percent and 4 percent.