September 29, 2016 / 10:17 AM / 10 months ago

Azeri finance ministry cuts 2016 GDP growth forecast to 1 pct

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BAKU, Sept 29 (Reuters) - Azerbaijan's Finance Ministry on Thursday cut its gross domestic product growth estimate for this year to 1 percent from 1.8 percent, according to a statement on the ministry's website.

The International Monetary Fund predicts Azeri GDP will fall 2.4 percent this year while the European Bank for Reconstruction and Development sees a 3 percent contraction.

The ministry also said it expected 1 percent GDP growth next year and that it had assumed an average oil price of $40 per barrel in the 2017 budget. (Reporting by Nailia Bagirova; Writing by Lidia Kelly in Moscow; Editing by Maria Kiselyova)

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