Baku, Fineko/abc.az. The IMF mission has finished its work in Baku, associated with an overview of the economic situation in Azerbaijan.

Following the Baku visit mission’s head Raja Almarzogi has stated that although at the beginning of the year the forecast on the growth of the Azerbaijani economy amounted to 0.6%, including the oil one by 3.5%, now it ahs been increased.

"After the current visit and received statistical data for Jan-Apr the forecasts have been changed. So, by the end of 2015 the forecast on Azerbaijan’s economic growth was raised up to 1.8%, including the non-oil sector growth up to 6.5%. Inflation in Azerbaijan, although earlier this year it was projected at two-digit level, now is forecasted to be 8.5%,” Almarzogi said.

He added that by the end of 2015 GDP is going to reach AZN 66 bn.

"In 2016 Azerbaijan’s GDP will make AZN 68 bn with an annual rise of 2.8%. Inflation is expected to reach 6.6% next year,” Almarzogi said.

He points out that after the manat devaluation Azerbaijan has taken serious steps, including stabilization of currency and gold reserves and prevention of price increases, which nevertheless may still grow by the end of 2015.

"The 2015 budget is expected to be implemented with a deficit because of the budgeted $90 per barrel of oil. Price forecasting at the level of $50 in budget of 2016 is more real until 2019," Almarzogi emphasized.

He stressed that in order to achieve all the goals aimed at ensuring stable economic growth, Azerbaijan should diminish all possible risks, in particular reduce the share of the International Bank of Azerbaijan, which is a risk for the economy. To ensure the stability of fiscal policy the country needs to develop indices of industrial production.

08.06.2015 16:50