Macroeconomic Forecast Azerbaijan

Azerbaijan posted real GDP growth of 8.3% from January to October, reflecting a strong uptick in growth since the middle of the year, with H109 economic expansion having stood at just 3.6%. The growth surge reflects increased oil production and rising oil prices, which have helped to bolster net exports. We expect further increases in oil production going forward to further boost headline growth, and as a result we are currently forecasting real GDP expansion of 11.0% in 2010.

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