BAKU, Azerbaijan, September 21. In its September outlook the Asian Development Bank (ADB) has revised up its 2022 GDP growth forecasts for Azerbaijan, Trend reports.
GDP growth in the country in 2022 is expected to stand at 4.2 percent, as compared to 3.7 percent in the previous outlook.
ADB’s forecasts for Azerbaijan 2023 GDP growth have remained unchanged at 2.8 percent.
“Growth jumped to 6.2% during the first half of 2022 from 2.1% during the same period in 2021 as the economy aside from the large hydrocarbon industry expanded by 9.6%. Services grew by 9.6%, reflecting strong performance in transportation, a rebound in retail trade, and a doubling of value added in hospitality as pandemic travel bans were lifted. Manufacturing grew by 4.5% with strong gains in construction materials and metals, food processing, and textiles. Mining picked up by 2.5%, with expansion in both oil and gas production, while construction grew by 7.7%. Agriculture stalled during the period, with higher livestock production offsetting a 2.7% decline in crop output,” reads the report.
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