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Fitch expects growth in investments in Azerbaijan's economy

Economy Materials 12 January 2023 18:36 (UTC +04:00)
Fitch expects growth in investments in Azerbaijan's economy
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, January 12. Fitch Solutions international rating agency expects that investments in Azerbaijan's economy are going to increase from 0.9 percent of GDP to 1.3 percent of GDP, Trend reports via the agency.

The growth of capital investments amounted to one percent in Azerbaijan - from 7.2 percent in 2021 to 8.2 percent of GDP in 2022.

The agency also noted that Azerbaijan, due to sanctions against Russia, will make a profit not only in the oil and gas sector but also in the non-oil and gas sector in 2023. The agency also expects the trade turnover with the EU countries to increase.

"Trade between Azerbaijan and Russia has reportedly risen by 23 percent as of November 2022 and it now accounts for 12 percent of Azerbaijani trade compared to around 8 percent in 2021," said the agency.

Overall, Russia's share in Azerbaijan's total trade turnover was 8 percent.

Investments in the fixed capital of the non-oil and gas sector of the Azerbaijani economy reached 8.79 billion manat ($5.1 billion) as of December 2022.

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