Average annual inflation in 2016 made up 12.6%.
“Azerbaijan’s economy is likely to experience another year of negative growth in 2017 despite the anticipated recovery of oil prices, as oil production is not expected to increase and the non-oil sector continues to be affected by the government’s spending cuts and the banking sector distress. Non-oil sector growth will remain weak, as the government is set to keep a tight stance on both fiscal and monetary policies to safeguard macroeconomic stability. Along with this, fiscal position will improve in 2017–2019”, the report said.