EBRD predicts jump for Azerbaijan's economic growth

European Bank for Reconstruction and Development (EBRD) expects the acceleration of the economic growth in Azerbaijan in 2013.

According to EBRD's regional economic prospects report, after successfully weathering the financial crisis, Azerbaijan's economy has slowed as the pace of oil extraction decelerated.

However, according to the report, the decline of oil output has been more than offset by the encouraging growth of the non-oil sector, led by construction and services.

"Some recovery of the oil sector and continued expansion of the non-oil economy should lead to an acceleration of output growth in 2013," the report said.

According to the Bank's report, immediate macroeconomic risks continue to be mitigated by a very strong fiscal position including from oil reserves.

EBRD predicts Azerbaijan's GDP growth at 3.5 percent in 2013 and 4 percent in 2014 compared to 2.2 percent in 2012.

The inflation, according to the Bank's forecasts, will amount to 3.4 percent in 2013 compared to 0.7 percent in 2012.


/Trend/