EBRD expects inflation rate to decrease in Azerbaijan

  20 February 2018    Read: 1282
EBRD expects inflation rate to decrease in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) expects annual inflation to decline to a range of 5-9 percent this year from double digits in 2017, Reuters cited EBRD country manager Ivana Fernandes Duarte as saying Feb. 20.

Fernandes Duarte said that Azerbaijan was making progress in its drive to reduce dependency on oil and gas.

“In our meetings [with representatives of the government], we see a commitment from the authorities that they are interested in diversification,” she said. “They are trying to create conditions for small companies to develop, to grow and be active in other (non-oil) sectors.”

Speaking about the forecasts for the development of the Azerbaijani economy, Fernandes Duarte said the Azerbaijani economy was showing signs of recovery and looked set to grow by 2 percent this year.

According to the forecasts of the Central Bank of Azerbaijan, the inflation rate is expected to reach 6-8 percent in the country in 2018.

The country’s GDP will grow by 1.5 percent this year, according to the government.

In 2017, the inflation rate in Azerbaijan was 12.9 percent, while GDP growth was 0.1 percent.

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