Azerbaijan Economic Report, October 2013 : Modest Economic Growth
This economic report records the economic activities of Azerbaijan for the year 2013. Economic growth picked up in the first half of 2013 on the back of higher public investment and moderation in the decline in oil production. The continued decline...
| Format: | Report |
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| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/131791486635583648/Azerbaijan-Modest-economic-growth http://hdl.handle.net/10986/26093 |
| Summary: | This economic report records the
economic activities of Azerbaijan for the year 2013.
Economic growth picked up in the first half of 2013 on the
back of higher public investment and moderation in the
decline in oil production. The continued decline in oil
production, even though at a slower pace than in 2012,
lowered the fiscal and current account surplus. Fiscal
performance was however better than what was budgeted due to
higher oil prices and pick-up in growth. A fall in oil
exports lowered the current account surplus and net capital
outflows from Azerbaijan continued for the sixth year in a
row. Diversification remains high on the policy agenda but
the country has a long way to go. Limited progress has been
made on most of the components of human capital and
institutions, and a lot more needs to be done. In the
absence of alternate sources of growth, the hydrocarbon
sector will continue to determine the economic performance
of Azerbaijan over the medium-term. The decline in oil
production is expected to be partially offset by an increase
in natural gas production. With a fall in oil related fiscal
revenues, public expenditures are expected to be scaled back
thereby reducing non-oil growth. Hence, economic expansion
is estimated at 4.5 percent per year over the medium-term. |
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