Today advisor to IMF Director on Middle East and Central Asia Raja Al Marzugi said at a press conference in Baku that non-oil sector growth rate of Azerbaijan’s economy will significantly compensate the projected decline in oil production volumes in 2013. Note that the mission has started since November 8.
“Short-term prospects for economic growth in the country are favorable. The non-oil sector growth rates mainly stipulated by public expenditure may reach 8 percent in 2013 and plentifully compensate the projected decline in oil production volume. The growth of non-oil GDP as of late 2012 is expected to hit 10 percent.” he said.
According to the IMF Azerbaijan’s GDP growth in 2013 at 3.8 percent.
“Inflation as of late 2012 is expected to reach 3 percent.”
The geopolitical situation may lead to an increase in the forecasts because of risks associated with the global oil supply.
