OREANDA-NEWS. December 26, 2008.  The Black Sea Trade & Development Bank (BSTDB) forecasts that Azerbaijan will encounter slowdown of GDP growth to 8.9% in 2009 against 17.6% in 2008.

The BSTDB forecast says that growth slowdown will continue in 2010 as well when GDP rise will be “only” 6.7%.

“According to the Bank’s forecast, in the next two years growth slowdown in Azerbaijan will be observed on key sectors of economy. For example, growth rate in industrial sector will decline 8% in 2009 and 3.7% in 2010 versus 22% following 2008, transport to 4.5% in 2009 and 2010 versus 22% in 2008, communications to 17% in 2009 and 2010 versus 18% in 2008,” the forecasts indicates.

But despite that, growth rate will be registered agriculture.

“While in 2008 growth of this sector will be 14.5%, in 2009-10 it will be at the level of 15%. Certain rise will also be observed in sector of social services to increase in 2009 by 10.5%, and in 2010 its growth will fall to 0.5% against 9.5% in 2008,” the forecast says.

According to the Bank, in 2007 GDP growth rate should have made 26.7%, but in fact it reached 25.1%.