BAKU, Azerbaijan, October 21. Azerbaijan's GDP growth in 2022 is expected at 5 percent, Trend reports via the latest economic review from the Renaissance Capital investment bank.
The bank has maintained its forecast for Azerbaijan’s economic growth at the same level, compared to the previous outlook.
According to Renaissance Capital, over the first 9 months of the current year, Azerbaijan’s GDP grew by 5.6 percent year-on-year, with an increase of 10.1 percent in the non-oil sector, and a decrease of 2.5 percent in the oil and gas sector.
“GDP growth continued to slow down from spring peaks amid a decline in oil production,” the report noted.
Meanwhile, as the bank previously noted, Azerbaijan's economic growth will be largely supported by investments in the territories liberated from Armenian occupation in 2020.
“Increased fiscal sustainability and solid accumulated buffers should limit downsides, we argue. In coming years, growth should also be supported by investments ($1.5 billion, or 2.2 percent of GDP in 2022) directed towards the development of [liberated] territories,” Renaissance Capital said.
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