Finance

Home page

Finance

IMF: Inflation to exceed 10% in Azerbaijan next year

22 September 2011 15:34 (UTC +04:00)

The forecasts for economic growth in Azerbaijan in 2011-2012 have been reflected in the document as well.

IMF experts say mild development will be observed in the economy of energy exporting countries such as Azerbaijan and other CIS countries. According to outcomes of 2011, the breaks occurred in oil production of Azerbaijan will be observed in sudden reduction of the production: â€œWhile, the extra budget incomes will have an effect on the development of non-oil sectorâ€.

According to the report, the level of Azerbaijanâ€™s oil production in the middle perspective will reduce and it will be caused by gradual decrease of the existing reserves.

As to inflation, the experts think that price rise will be observed in Azerbaijan and the level of inflation will reach 10%: â€œThis mainly is connected with sharp rise of raw produce prices and majority of food products in consumer basketâ€.

According to document, as other CIS countries, Azerbaijani economy is sensitive to the global economyâ€™s roughness and this is directly connected with the prices of raw produce.