Central Bank statement – Jan-Oct economic growth make up 2.1%


December 13, Fineko/abc.az. The Central Bank has reported about economic growth in Azerbaijan and its pace.

ABC.AZ with reference to the Central Bank reports that the process of economic growth continues.

According to official statistics, for Jan-Oct 2019 thereal economic growth made up 2.1% versus the 2018 same term. Economic growth in the non-oil sector made up 3.6% that is linked mainly with the commercial sector. An increase of 15.7% was observed in the non-oil industry and 7.3% in agriculture.

The main factors of the expansion of domestic demand are the growth of social spending of the government and the gradual growth of credit activity. Under conditions of the expansion of socially-oriented fiscal incentives, nominal incomes of the population for the first 10 months increased by 6.9% (against the 2018 relevant period) that exceeds much the annual inflation. Following the monitoring of the real sector, the business confidence index in November (compared with the previous month) showed an upward trend in the non- industry, trade and construction, and in the services sector (seasonal factor) - relative stability. The growth of the export potential of the favorable international conjuncture and non-oil sectors allows maintaining the volume surplus of the foreign trade balance.