OREANDA-NEWS. April 8, 2008.  According to Asian Development Outlook (ADO), Asian Development Bank forecasts decline of growth in non-oil sector of Azerbaijani economy in 2008 and 2009.

The Bank says that in 2008 and 2009 growth of non-oil GDP, including agriculture, will total only 9% against 11% following 2007.

“At the same time against the background of decreasing foreign direct investments (FDI) internal investments (mainly of public nature) are forecasted at the level of 8% in 2008 and 2009. That will ensure GDP growth mainly due to capital-intensive sectors,” the Banks said.

At the same time against the background of total GDP growth of 15.7% and 18%, oil GDP growth in 2008 and 2009 is expected to make 21% and 26% respectively.

In 2007 Azerbaijan’s GDP totaled AZN 25.228 bn with oil GDP of AZN 15.937 bn. In 2007 non-oil GDP growth totaled 11.3% versus 11.8% in 2006. Total GDP in 2007 rose by 25.4% and in 2006 by 34.5%.