EBRD: Azerbaijan’s GDP to grow in 2017

The European Bank for Reconstruction and Development (EBRD) forecasts Azerbaijan’s GDP to grow by 1% in 2017, the head of the bank’s resident office in Baku, Ivana Duarte, said.

She noted that 2016 had been a very challenging year for Azerbaijan but the forecast for the country’s economy for 2017 is more positive.

Azerbaijan’s economy contracted by 3.8% in 2016 compared to 2015. The non-oil GDP decreased by 5.4% in 2016.

“Capital investment, an important driver of growth in the previous years, dropped in January-September 2016,” she said adding that the Azerbaijani GDP is expected to grow by 1% this year.

“EBRD had been working extensively with its private sector clients to help them overcome the challenges connected with the regional economic crisis,” Trend cited Duarte as saying.

Special efforts were made by the EBRD to support local companies with restructuring their financial liabilities in connection with the change in manat rate, according to her.