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Forecast: Economic growth in Azerbaijan can be lower than forecast this year

23 April 2012 10:52 (UTC +04:00)

According to him, GDP production in January-March rose 0.5% to AZN 12.3 bln, per head GDP made AZN 1,346.1 or $ 1,711.9. GDP production in non-oil sector rose 7.7%, in oil sector â€“ decreased by 4.7%.

â€œAt present, oil extraction in Azerbaijan is reduced artificially and if this process continues by the end of 2012, economic growth rate for the country can be lower â€“ 2.5-3% then forecastedâ€, he added.

Note that, according t forecasts of Azerbaijani government the GDP will increase by 4.6% to $ 59.3 bln. Per head GDP will exceed $ 6,000.

Remind that, Azerbaijan has extracted 11,298.7 thousand tons of crude oil (including gas condensate) during January-March, down 5.7% from year earlier. State Statistical Committee says Azerbaijan intends to increase oil extraction during next 4 years. So the oil extraction is expected to be 45,977.1 thousand tons in 2012, 45,896.6 thousand tons in 2013, 49,562.9 thousand tons in 2014 and 50,965.6 thousand tons in 2015.