Republic of Azerbaijan: Staff Report for the 2014 Article IV Consultation
IMF Staff Country Reports, June 11, 2014
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- Republic of Azerbaijan: Staff Report for the 2014 Article IV Consultation
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Bibliographic details
- Published: June 11, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498355384.002
Recent economic developments
- In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent.
- Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate.
- The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight.
Macroeconomic outlook and conditions
- Economic prospects over the near and medium term are positive, conditional on policy actions:
- Fiscal consolidation is identified as a necessary underpinning for sustained positive prospects.
- Reforms to spur non-oil private sector activity are recommended to support medium-term growth.
Key findings and indicators
- Non-oil growth: nearly 10 percent
- Overall GDP growth (2013): 5.8 percent
- Inflation (average): 2.4 percent
- Regional market turbulence (early 2014): limited impact; few signs of lower manat demand or capital flight
Source: Republic of Azerbaijan: Staff Report for the 2014 Article IV Consultation, June 11, 2014.