Finance

Home page

Finance

IMF: Azerbaijan will maintain positive economic trend this year

05 June 2009 15:20 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Azerbaijan will see economic growth rate slow down by the end of this year, IMF representative in Koba Gvenetadze quoted the World Economic Outlook April Update as saying.

According to him, IMF predicts economic growth will slow down but will be positive at the year-end.
According to IMF outlook, Azerbaijan will see economic growth at 2.5% in 2009 and 12.3% in 2010.

â€œ75% of economies will see negative growth this year. From this perspective, Azerbaijanâ€™s position is satisfactory,â€ he added.

He noted that Azerbaijanâ€™s non-oil sector is projected to grow by 4% and oil sector by 1% this year.

â€œWe made these projections at a time when the price of oil was 52 dollars per barrel. Currently, the prices have increased, and if this process continues, the growth in both oil and non-oil sectors will be much higher,â€ he added.

Azerbaijanâ€™s economic growth rate was 10.8%, non-oil sector 15.7% and oil sector 7% in 2008.