Bank says the economic growth will make up 1.6% in 2018.
“According to results of the four months of 2017, there is a 1.2% lag in economy. Therefore, we change our forecast that the GDP will decline 1% this year (previous forecast was 1% growth)”, bank said.
The bank’s analysts say that 2.5-5% decline in oil and gas production will slow the economic growth in 2017. Share of oil sector in GDP is 42%.
Azerbaijani government forecasts 1% rise in 2017’s GDP.
In 2016, Azerbaijan’s economy declined 3.8%.