Azeri economy expands by 5.7 percent

Azerbaijan's economy expanded by 5.7 percent in the first half of 2015, despite difficulties caused by crisis in neighbouring countries and low oil prices, the country's president said on Monday. Ilham Aliyev told a government meeting the non-oil sector grew by 9.2 percent January-June, while total investment into the oil-rich economy reached 12.7 billion manats ($13.3 billion).
The figures contrasted dramatically with a forecast by the International Monetary Fund last month of 1.8 percent growth in 2015. Azerbaijan, a former Soviet republic, had to devalue its currency following a sharp decline in the Russian rouble last year. Its economy was also hit by low oil prices. Gross domestic product grew 2.8 percent in 2014. The country's state budget envisages oil at $90 a barrel. Brent crude is now trading around $60.