BAKU, Azerbaijan, February 6. Analysts of the Dutch ING have forecasted growth of Azerbaijan’s GDP by 3 percent as of 2023, Trend reports via the company.
Besides, the company predicted Azerbaijan's GDP growth would be 2.5 percent per year from 2024 through 2025.
Thus, according to ING forecasts, from 2023 through 2025, the average annual growth of the Azerbaijani economy will be 2.6 percent.
Azerbaijan's GDP amounted to 133.8 billion manat ($78.59 billion) in 2022, increasing by 4.6 percent compared to the same period in 2021. Meanwhile, the value added in the oil and gas sector increased by 9.1 percent year on year, while the value-added cost in the non-oil sector decreased by 2.1 percent.
In the reporting period, GDP per capita settled at 13,292 manat ($7,809), whereas industry accounted for 51.1 percent of GDP in Azerbaijan.
Some 8.2 percent of GDP fell on trade and repair of vehicles, six percent – on transport and storage, 4.8 percent – on agriculture, forestry, and fish farming, 4.8 percent – on construction, 1.6 percent – on tourism sector, and 1.4 percent – on information and communication. A total of 14.7 percent accounted for other economic sectors.
Azerbaijan's GDP per capita amounted to 13,292 manat ($7,818) from January through December 2022.
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.