BAKU, Azerbaijan, June 6. Azerbaijan's real GDP growth rate will be 2.7 percent in 2022, Trend reports citing the S&P Global Ratings report.
According to S&P agency, this is 0.7 percent more than in the forecast as of December 2021.
In turn, the forecast for inflation is 10 percent, which is 5.5 percent more than in the previous forecast.
According to the agency’s forecast, the budget balance of the central government is expected at 7.7 percent of GDP.
In addition, the current forecast for the current account balance is 18.4 percent of GDP.
"Events in Ukraine have led to a marked change in economic growth forecasts in the Commonwealth of Independent States (CIS) region, but the sovereign credit ratings of the CIS countries have remained largely stable so far,” report noted.
“Mainly due to higher oil prices, we now expect the current account deficit (CAD) in the CIS region to narrow from 1.7 percent to averaging 0.1 percent of GDP, primarily due to much more Azerbaijan's strong position on current accounts," agency added.