ECONOMY


Azerbaijan to see 5.3% economic growth in 2013

Baku, January 7 (AZERTAC). The government of Azerbaijan predicts real GDP growth of 5.3% in 2013. Nominal GDP (including deflator) will be 56.07 billion manat (0.785 manat/$1 on October 15). 

The government forecasts that GDP will grow 7% in real terms in 2014 and it will have a nominal value of 57.62 billion manat. Growth is forecast at 4.5% (62.03 billion manat) in 2015 and 4.5% (66.54 billion) in 2016.

Azerbaijan expects inflation of 5.7% in 2013, 5.2% in 2014, 4% in 2015 and 4.2% in 2016.

GDP grew 0.1% in 2011 and inflation was 7.9%. GDP growth is predicted at 2.2% in 2012 and inflation at 4.7%.

The draft 2013 budget puts the price of oil at $100 per barrel. A deficit of 656 million manat, or 1.17% of GDP, is planned. Revenue is predicted at 19.15 billion manat (up 12.4% on 2012) and spending - 19.81 billion (up 12.1%).

Tax revenue is predicted at 6.4 billion manat, customs committee revenue - 1.38 billion and transfers from the State Oil Fund - 11.35 billion. Capital investment could reach 6.91 billion manat and Azerbaijan is to spend 780.7 million on servicing government debt.

The 2012 budget was passed with revenue at 17.04 billion manat, spending of 17.67 billion manat and a deficit of 634 million manat, or around 1.3% of GDP.

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