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Azerbaijan’s economy will grow 1 percent - ADB

Azerbaijan’s economy will decline 1.3 percent in 2017, Nariman Mannapbekov, Azerbaijan Country Director for the Asian Development Bank (ADB), said in his interview to Reuters.

ADB had earlier forecasted 1.1 percent decline in Azerbaijan in 2017.

 

According to him, the economic decline is mainly caused by decrease of oil price.

 

“In the first half of 2017, the oil output reduced 9 percent in the country, which is 0.4 percent more than last year’s reduction”, he said.  

 

Along with this, Mannapbekov thinks that Azerbaijan’s economy will grow: “the economy will grow on the background of start of output in Shahdeniz 2 in 2018 and normalization of private sector”.

 

According to him, the GDP will rise 1% in Azerbaijan in 2018.

 

The ADB official welcomed positive tendency in non-oil sector.

 

He says the inflation will make up 14% in 2017, while previous forecast was 9%.

 

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