Head of the State stats committee: GDP growth for 2010 to be 4.7-4.8% in Azerbaijan

Upon 11 months, the GDP growth in Azerbaijan amounted to 4.5 percent, the chairman of the State Statistics Committee of Azerbaijan Arif Veliyev said on Sunday.

"Given that today, all spheres of the Azerbaijani economy grew, except agriculture, GDP production in the country by the end of 2010 is expected to grow by 4.7-4.8%," said Veliyev.

Despite 4.5% GDP growth, the growth rate of non-oil GDP in January-November amounted to 6 percent, Valiyev said.

According to him, the decline in agricultural production is linked with the decline in crop production by 8-9%, particularly, the volume of grain production declined by 25% and potatoes - 2%.

An increase of 6-7% was recorded in livestock. According to Valiyev, the inflation rate for January-November amounted to 5.5%, and by the end of this year is expected at 5.6 -5.7%.

"The rise in consumer prices was caused by external factors, particularly, the prices of imported products, Valiyev said. - In addition, seasonal rise in price is usually observed in winter. Particularly, price increases are observed because of the prevalence of demand over supply, while in Azerbaijan, the supply exceeds demand."


/Trend/