APA-Economics reports citing to Interfax that the EBRD forecasted in November 2015 this index would rise 2.5% in 2016.
According to the bank’s new forecast, the GDP will grow 1% in 2017.
“In 2015, the economic growth in Azerbaijan made 1.1%. However, sharp decline in oil price in the second half of 2015 has reduced Azerbaijan’s export revenues. In the first quarter of 2016, Azerbaijan’s economy declined 3.5%. Along with this, non-oil GDP dropped 5.7% in the same period. Therefore, we think the economic growth in Azerbaijan will decline 3% this year, but the economy will grow 1% in 2017”, the bank reported.
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