BAKU, Azerbaijan, May 10. Azerbaijan’s GDP growth is expected at 4.5 percent in 2022, Trend reports via Regional Economic Prospects from the European Bank for Reconstruction and Development (EBRD).
According to EBRD, Azerbaijan’s economic recovery in 2021 was pushed by non-oil sectors, with non-hydrocarbon part of the economy posting 7.2 percent growth in 2021, driven in particular by services and manufacturing.
The present forecast improved significantly, compared to the estimates from March 2022 when the Bank predicted Azerbaijan’s GDP growth at 0.5 percent contraction.
The Bank expects the country’s non-energy sector to maintain its growth backed by increased exports. Meanwhile, As EBRD’s report noted, Azerbaijan’s economic growth in 2022 will be supported to the greatest extent by rising energy prices.
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