Azerbaijani government predicts annual GDP growth of 3.5% for next 3 years


November 7, Fineko/ The Azerbaijani Parliament continues the discussion of State Budget 2018.

Deputy Economy Minister Sevinj Hasanova has stated that despite the fact that a reduction of risks has been observed lately, they still exist in the medium-term prospect.

"In this regard, the government, adhering to a conservative position, set the price of a barrel of oil at $45 in 2018 and $40 for the next three years," Hasanova said.

She points out that due to further systemic reforms, rehabilitation of the banking system and, with the exception of external shocks, the country’s inflation rate is forecasted at the one-digit level for the medium-term prospect, in particular, 2.9% in 2018 and 3% on average for the next 3 years.

"Also, slowdown of 1% is expected in the oil economy in 2018 because of the reduction of oil production, and the average rise of 5% on gas production. The country's GDP growth for 2017 will reach 1.5% and 3.5% on average in the next 3 years," the deputy minister said.