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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	1/25/2010 4:57:10 PM
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Azerbaijan GDP Grew 9.3 Percent in 2009 Oil-producing Azerbaijan's gross domestic product grew 9.3 percent in 2009, President Ilham Aliyev said on Jan. 18. The rate is down from around 11 percent in 2008 and far lower than the oil-fuelled boom period of 2003-2007 when GDP growth averaged 21 percent. But analysts say the Caucasus country, rich in oil and gas, has been protected from the worst of the global economic crisis by significant foreign assets, strong fiscal savings and limited dependence of domestic banks on global financial flows. AzTV cited comments made by Aliyev to a cabinet meeting. The report did not elaborate. Azerbaijan in November adopted a modest 2010 budget targeting GDP growth of 6.8 percent based on an oil price forecast of $45 per barrel. The budget targets a deficit of 3.9 percent of GDP and annual inflation of 3.0 percent. Critics say little has been done to diversify the economy away from its overwhelming dependence on oil revenues. Source: Reuters

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