ING: Azerbaijan to see 1.6% growth in economy next year

# 08:41
6 June 2017

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%.