IMF forecasts 9-percent growth in non-oil GDP in Azerbaijan for 2011

International Monetary Fund (IMF) forecasts the growth of non-oil GDP in Azerbaijan in 2011 at 8.9 percent, according to the IMF Middle East and Central Asia Regional Economic Outlook, published on its website on Wednesday.

The report says in 2012, the non-oil GDP growth is expected to reach 6.2 percent. In 2010 the figure was 7.6 percent.

Nominal GDP in Azerbaijan in 2011 is forecast at $68.5 billion, in 2012 - $80.8 billion. In 2010 this figure amounted to $54.4 billion.

The oil GDP in 2011 will decline by 8.1 percent, and in 2012 increase by 8.2 percent. In 2010, the figure increased by 4.9 percent.

According to the IMF, in 2011, the overall GDP growth will be 0.2 percent. In 2012, the GDP growth is forecasted at 7.1 percent. According to the forecasts of the Monetary Fund, in 2011, the inflation in Azerbaijan will be 9.3 percent, in 2012 - 10.3 percent.

Earlier, the Asian Development Bank (ADB) revised forecasts of GDP growth and inflation expectations for 2011 and 2012 for Azerbaijan. The ADB's Asian Development Outlook 2011 Update says that in 2011the bank expects a three-percent GDP growth for Azerbaijan, and in 2012 - 4.5 percent. Inflation forecasts for Azerbaijan will remain the same - 7.5 percent in 2011 and seven percent in 2012.

The Azerbaijani government forecasts real GDP growth in 2011 at 0.9 percent, non-oil GDP - 10 percent, while oil GDP will decline by 8.7 percent. Nominal GDP is expected in amount of $53.7 billion at the rate for this year - 0.79 manat per one U.S. dollar. Inflation is expected to reach 9.8 percent.

GDP growth rate of Azerbaijan as of the end of 2010 amounted to five percent, non-oil sector - 7.9 percent. The consumer price index this year is projected at 7-8 per cent compared to 5.7 per cent in 2010.

According to forecasts of the Azerbaijani government, within the concept of socio-economic development for 2012, the real GDP growth rate is projected at 5.7 percent, non-oil GDP - 8.6 percent, oil GDP - 1.5 percent. The inflation rate is expected to reach six percent. GDP is projected in amount of $55.1 billion at the rate for next year - 0.79 manat per one U.S. dollar.


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