BAKU, Azerbaijan, November 17. S&P Global Ratings has upgraded its forecast for average annual inflation in Azerbaijan for 2022 to 13.5 percent, Trend reports via the agency.
According to the outlook, this assessment is 0.5 percentage points higher that the previously expected 13 percent, as of July forecast.
“Similar to other countries, rising inflation and price pressures reflect the impact of post-pandemic reopening, food price inflation, and some administrative price increases, including for domestic energy,” the report said.
Meanwhile, S&P Global Ratings forecasts Azerbaijan’s economic growth at 4 percent in 2022, which is due to the growth of production in the energy sector, and the rapid recovery of the non-oil sector.
“Over 2023-2025, we expect growth will average 1.5 percent, as new gas capacity compensates only partially for gradual oil sector decline,” the report noted.
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