BAKU, Azerbaijan, October 12. Azerbaijan's GDP growth from 2023 through 2025 is expected to average about 1.5 percent, Trend reports via S&P Global Ratings.
According to the agency, after solid GDP growth of 5.6 percent in 2021, due to fiscal stimulus and gradual easing of social isolation restrictions, which helped the rebound of the non-oil sector, as well as the gradual adaptation of economic entities to the situation, Azerbaijan’s economic activity, is projected to gradually pick up from 2022.
Azerbaijan’s economic growth will likely be supported by the ongoing recovery in domestic consumption backed by fiscal stimulus, higher energy exports, and recovery of the non-oil sector.
“It is based on the assumption that there is no return to open military confrontation with Armenia. In September 2022, new fragments of conflict emerged, although the scale remains relatively contained so far. Negative repercussions of the Russia-Ukraine conflict remain limited for Azerbaijan. Russia is Azerbaijan's largest imports trading partner, accounting for 20 percent of total goods imports, of which wheat is the largest single item,” the agency added.
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