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Fitch Ratings updates forecasts on Azerbaijan's GDP growth for 2023-2024

Economy Materials 1 April 2023 10:44 (UTC +04:00)
Fitch Ratings updates forecasts on Azerbaijan's GDP growth for 2023-2024
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, April 1. Fitch Ratings, the international rating agency, predicts the growth of Azerbaijan's GDP in 2023-2024 at an average of 2.1 percent per year, Trend reports via the agency.

As the agency says, Azerbaijan's GDP growth amounted to 4.6 percent in 2022 compared to 5.9 percent year on year.

According to the agency, the growth of non-oil GDP in 2022 amounted to 9.1 percent, while oil GDP decreased by 2.7 percent due to a decline in oil production by 5.6 percent, which was partially offset by an increase in gas production by 7.3 percent.

The State Statistics Committee of Azerbaijan said that the country's GDP from January through February 2023 increased by 0.4 percent to 19.8 billion manat ($11.6 billion) compared to the same period year on year.

Moreover, the Government of Azerbaijan forecasts GDP growth of 2.7 percent for 2023 and 4.1 percent for 2024.

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