BAKU, Azerbaijan, December 4. Analysts of Dutch ING forecast Azerbaijan's GDP growth at the level of 0.6 percent in 2023, Trend reports.
According to ING's forecast, Azerbaijan's GDP growth will amount to 2.5 percent in 2024.
The company forecasts GDP growth of Azerbaijan at the same level of 2.7 percent for 2025.
According to ING projections, Azerbaijan's GDP will develop at a 1.93 percent yearly rate between 2023 and 2025.
In 2022, Azerbaijan's GDP increased by 4.6 percent to 133.8 billion manats ($78.7 billion). GDP outside of oil and gas increased by 9.1 percent to 69.8 billion manat ($41 billion). Industry was responsible for 51.1 percent of the GDP structure. Agriculture, forestry, and fish farming accounted for 4.8 percent, building 4.8 percent, tourism 1.6 percent, and information and communication 1.4 percent. Other economic sectors contributed 14.7 percent of GDP.
From January to December 2022, Azerbaijan's GDP per capita was 13,292 manat ($7,818).
ING Group is a Dutch multinational firm headquartered in Amsterdam that provides banking and financial services. Retail banking services, direct banking services, commercial banking services, investment banking services, wholesale banking services, private banking services, asset management, and insurance services are the primary areas of its operation.