ADB expects economic growth in Azerbaijan next year

Baku. 4 October. REPORT.AZ/ "Oil revenues of Azerbaijan's economy have fallen by 1.3% this year, but next year it will move forward".

Report informs, the Asian Development Bank's (ADB) country manager for Azerbaijan Nariman Mannapbekov said.

Notably, the ADB predicted GDP growth in Azerbaijan by 1.1% in 2017.

"The economic downturn is due to the fall in oil prices. Moreover, oil production in the country declined by 9% in first half of this year. However, decline in the same period in 2016 was only 0.4%”, he said.

According to ADB official, currently about 75% of Azerbaijan's state revenues and 45% of GDP are formed from oil and gas sales.