Sunday, 21 July 2019 05:39 GMT

EBRD: Azerbaijan's economy to grow by 3.5% in 2019 (UPDATE)

(MENAFN - Trend News Agency) Details added (first version posted on 15:51)

Baku, Azerbaijan, Nov. 1

By Azad Hasanli - Trend:

The European Bank for Reconstruction and Development (EBRD) forecasts economic growth in Azerbaijan by 1.5 percent in 2018 and 3.5 percent in 2019, according to the updated report of the bank entitled "Regional economic prospects: in the shadow of trade conflicts".

According to the report, the restoration of Azerbaijan's economy is supported by measures to ensure macroeconomic stability and high oil prices.

The authors of the report said that the total assets of the State Oil Fund of the Republic of Azerbaijan and the Central Bank's international reserves amounted to $44.5 billion, which is 8.2 percent more than at the end of 2017.

"The exchange rate of manat against the US dollar has been at a stable level since April 2017,' the report said. 'The inflation growth rate decreased from 12.9 [figure at the end of 2017] up to 2.6 percent [figure for the first nine months of 2018]".

EBRD experts also touched upon Azerbaijan's energy projects, stressing that the expansion of gas production and export will support economic growth.

Azerbaijan has been cooperating with the EBRD since 1992. Since then, the bank has invested more than $3.18 billion in 167 projects in the financial, corporate, infrastructure and energy sectors of Azerbaijan.

At the same time, a quarter of investments accounts for the private sector.


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EBRD: Azerbaijan's economy to grow by 3.5% in 2019 (UPDATE)

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