16:28 - 18.11.2024
November 18, Fineko/abc.az. Over the past period of this year, positive economic dynamics has been observed. Thus, in the first 9 months of 2024, GDP actually increased by 4.7% compared with the 2023 same term. Including in the non-oil sector, the growth was 7.1%. This indicates that economic activity in the monitoring of the real sector conducted by the Central Bank is in a positive zone.
ABC.AZ informs that CBA chairman Taleh Kazimov said about this at a meeting of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship, held on November 18.
He added: "Our expectations regarding the prospects for economic growth are generally optimistic. According to the Central Bank's October baseline forecast, economic growth is expected to reach 3.9% in 2024. In particular, growth in the non-oil/gas sector is projected at 6.5% this year. In October of this year, 12-month inflation remained within the 3.4% target. During this period, 12-month inflation was 2.6% for food, 2.1% for non-food products and 5.8% for services. Our analysis shows that 12-month inflation is influenced by both external supply factors and the ongoing anti-inflationary policy. According to the analysis, in the first 9 months of 2024, inflation in trading partners had an upward effect on the inflation rate in the country by 6.2 percentage points, while the strengthening of the nominal effective exchange rate had a downward effect by 4 p.p. As can be seen, the influence of direct external factors grew by 2.2 p.p. The increase in prices of producers responsible for agriculture, which is an internal factor during this period, had an upward effect on inflation by 1.3 p.p. Inflation is expected to reach 5.1% by the end of 2024, according to the Central Bank's October forecasts."
