Inflation to go down in 2009: gov`t
Inflation will fall below this year`s level in Azerbaijan in 2009,
the Economic Development Ministry predicts.
If long-term economic stability is achieved in the country, price hikes will decrease to single digits in the coming years, it said.
The ministry said inflation is to reach 23% by year-end.
Initially, the government had cited an erroneous projection, predicting a 2008 inflation level at around 14%.
Also, Gross Domestic Product (GDP) growth in Azerbaijan will slightly exceed the previous projection by the end of 2008. Thus, whereas GDP was predicted at 39 billion manats ($48.1 billion) for this year, the figure is expected to reach 41 billion manats ($50.6 billion) by year-end.
GDP will grow at a rate of at least 18% next year. The share of the private sector will exceed 80%, the ministry said.
As for inflation in other former Soviet republics, the highest inflation rate - 15% - has been recorded in Kyrgyzstan this year, according to these countries` statistics bodies. In Azerbaijan, price hikes reached 13.5%.
It is indicative that the lowest inflationary increases were registered in Armenia at 4.5%.
If long-term economic stability is achieved in the country, price hikes will decrease to single digits in the coming years, it said.
The ministry said inflation is to reach 23% by year-end.
Initially, the government had cited an erroneous projection, predicting a 2008 inflation level at around 14%.
Also, Gross Domestic Product (GDP) growth in Azerbaijan will slightly exceed the previous projection by the end of 2008. Thus, whereas GDP was predicted at 39 billion manats ($48.1 billion) for this year, the figure is expected to reach 41 billion manats ($50.6 billion) by year-end.
GDP will grow at a rate of at least 18% next year. The share of the private sector will exceed 80%, the ministry said.
As for inflation in other former Soviet republics, the highest inflation rate - 15% - has been recorded in Kyrgyzstan this year, according to these countries` statistics bodies. In Azerbaijan, price hikes reached 13.5%.
It is indicative that the lowest inflationary increases were registered in Armenia at 4.5%.
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