ADB re­veals fore­casts on na­tion’s econ­omy growth

Azer News - - Business - By Kamila Aliyeva

Azer­bai­jani econ­omy will grow 1.7 per­cent in 2018 and 2 per­cent in 2019, the up­dated re­port of the Asian De­vel­op­ment Bank (ADB) pub­lished on Septem­ber 26 said.

The fore­casts for the coun­try’s econ­omy growth re­mained un­changed, ac­cord­ing to the bank.

In Jan­uary-June 2018 Azer­bai­jan's econ­omy grew by 1.3 per­cent, while in the same pe­riod of the pre­vi­ous year a 1.3 per­cent de­crease in GDP was recorded. The au­thors of the re­port em­pha­size that growth for the first six months of this year was pro­vided by in­crease in all sec­tors of the econ­omy.

For ex­am­ple, com­pared to the six months of last year, in the first half of 2018 the oil sec­tor grew by 0.1 per­cent, and the non-oil sec­tor - by 2 per­cent. The in­dus­trial sec­tor of Azer­bai­jan went up by 1.2 per­cent, agri­cul­ture - by 7.6 per­cent, mainly due to the ex­pan­sion of cot­ton grow­ing in the coun­try.

The bank also im­proved the out­look for the cur­rent ac­count sur­plus of the bal­ance of pay­ments from 6.9 to 7.9 per­cent of GDP in 2018 and from 6.2 to 10.9 per­cent of GDP in 2019.

Given sta­bil­ity of the Azer­bai­jani na­tional cur­rency's rate, the Bank re­duced fore­casts for in­fla­tion on Cen­tral Asia (ADB in­cludes Azer­bai­jan to CA) by 0.1 per­cent to 8.4 per­cent for 2018.

The in­fla­tion fore­cast on Azer­bai­jan has been re­duced from 7 per­cent to 4.5 per­cent for 2018 and from 8 per­cent to 5 per­cent for 2019.

In the first half of 2018, in­fla­tion in Azer­bai­jan and Kyr­gyzs­tan was the low­est in the Cen­tral Asian re­gion.

Av­er­age an­nual in­fla­tion plunged to 3 per­cent in the first half of 2018 from 13.9 per­cent a year ear­lier in Azer­bai­jan.

Prices for food prod­ucts rose by 3 per­cent, other goods by 3.8 per­cent, and ser­vices by 2.4 per­cent, reads the re­port.

Azer­bai­jan joined ADB on De­cem­ber 22, 1999 and the coun­try’s share in the bank’s cap­i­tal is 0.5 per­cent.

Since 2003, the bank has ap­proved the al­lo­ca­tion of loans to Azer­bai­jan in the amount of more than $4 bil­lion dol­lars for the im­ple­men­ta­tion of more than 30 projects in the pub­lic and pri­vate sec­tors. The amount of tech­ni­cal as­sis­tance pro­vided by the bank to Azer­bai­jan is al­most $30 mil­lion.

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