Bloomberg News

Azeri Economy Expanded 0.5% in First Quarter, Azartac Says

April 16, 2012

Azerbaijan’s economy expanded 0.5 percent from a year earlier in the first quarter, President Ilham Aliyev said today, the Azartac news service reported.

Excluding the oil industry, the economy grew 7.7 percent, while inflation was 3.1 percent, state-run Azartac quoted Aliyev as saying.

The government plans to spend 1 billion manats ($1.27 billion) on compensating depositors who lost their savings when the Soviet banking industry collapsed 20 years ago, Aliyev said, according to Azartac.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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