BAKU, Azerbaijan, October 17. The growth of Azerbaijan’s agriculture sector in 2023 is forecast to stand at 2 percent, Trend reports via the Regional Economic Update for Europe and Central Asia from the World Bank (WB).
According to the report, the expected annual growth in the agriculture sector of Azerbaijan in 2023 will be higher than 2022 expected (1.1-percent growth).
Meanwhile, as the WB anticipates, Azerbaijan’s agriculture sector will proceed with growth further in 2024. The forecast stands at 2.2 percent. However, this is still well behind the pre-COVID-19 pandemic levels (7.3 percent in 2019).
WB forecasts Azerbaijan’s GDP growth to reach 4.2 percent in the current year, 2.8 percent – the next year, and 2.6 percent – in 2024, in comparison with 5.6 percent growth in 2021.
“A moderate decline in crude oil production is expected to be offset by expansion in natural gas production, with growth in the energy sector stabilizing at 0.1 percent. In non-energy sectors growth is projected to average 4.6 percent during 2023-24 as service sectors’ growth,” the report noted.
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