19 Apr 2011 19:28

Azerbaijan GDP to grow 5.8% annually in 2011-2012 - Asian Development Bank

BAKU. April 19 (Interfax) - The Asian Development Bank forecasts that Azerbaijan's GDP will grow 5.8% a year in 2011-2012, the ADB's representative in Azerbaijan, Olly Norojono, said at a press conference on Tuesday.

Azerbaijan will have 7.5% inflation in 2011 and 7% in 2012, he said.

The ADB expects improvements in Azerbaijan's agricultural sector and in tourism.

Azerbaijan has been successful at holding down the external debt, which totals just $3.7 billion, compared with $22.8 billion in the State Oil Fund and other reserves, Norojono said.

The ADB plans to finance projects in energy, water supply and transportation in Azerbaijan over the next three years.

The bank's loan portfolio in Azerbaijan currently totals $680 million.