BAKU, Azerbaijan, April 6. The Asian Development Bank (ADB) predicts that Azerbaijan's GDP growth in 2022 will be 3.7 percent, Trend reports citing the ADB.
According to ADB forecasts, Azerbaijan's GDP growth rate in 2023 will decrease by 0.9 percent compared to 2022, to 2.8 percent.
According to the bank's forecasts, the growth of industrial production in Azerbaijan in 2022 will be 2.5 percent and 2.7 percent in 2023.
The growth of Azerbaijan’s construction sector will be 2.7 percent in 2022 and 2.5 percent in 2023, due to the greater volume of investments invested in the restoration of of Azerbaijan’s liberated territories from Armenian occupation, the ADB said.
The growth rate of the service sector in Azerbaijan will reach 5.2 percent in 2022 and three percent in 2023, due to the restoration of tourism and an increase in the volume of retail trade, forecast noted.
ADB in its September report predicted Azerbaijan's GDP growth at the level of 2.5 percent in 2022.