European Bank for Reconstruction and Development (EBRD) has not changed the outlook for GDP growth in Azerbaijan in 2014 and kept it at 3.5 percent, according to the bank's report "Regional Economic Prospects in EBRD Countries of Operations".
The real GDP growth in Azerbaijan in 2013 amounted to 5.8 percent and the GDP growth in the non-oil sector stood at 9.8 percent. The country's GDP in late 2013 increased to 57 billion manats.
"Azerbaijan's economy accelerated in 2013, boosted by the pre-election fiscal and monetary stimulus. Oil output stabilized in 2013 after two years of decline, while the non-oil sector expanded at near double-digit rates, benefiting from increased public spending and expansion of credit. The government's plans to curb stimulus by shrinking the non-oil consolidated fiscal deficit in 2014 could potentially lead to growth in 2014 in the range of
3-4 percent," according to the report.
According to the World Bank's forecasts, the economic growth in Azerbaijan is expected to stand at 5.3 percent in 2014, while the potential GDP growth will amount to 6.6 percent.
The government of Azerbaijan forecasts GDP growth of 4.7 percent for 2014.