BAKU, Azerbaijan, April 11. The World Bank (WB) expects the growth rate of the non-energy sector in Azerbaijan to increase to four percent in 2024, Trend reports.
According to the WB's April report, economic growth is expected to reach 2.3 percent in 2024, driven by a less pronounced decline in crude oil production due to the commissioning of new oil platforms.
"Non-energy sector growth is expected to reach 4 percent in 2024, driven mostly by a strong construction sector and government rehabilitation spending. Other industries are expected to maintain their growing trend. On the demand side, consumption growth is likely to level down, while investment growth remains moderate. Looking ahead, medium-term growth is expected to remain constant at around 2.4 percent, with the possibility of acceleration if structural reforms are executed at a faster rate," the WB said.
The bank added that the non-energy sector's main balance is anticipated to be 21 percent of non-energy GDP, which is consistent with the fiscal rule's targets.
"The fiscal position is expected to maintain a surplus of 3.2 percent of GDP on average in 2024–2026, supported by a steady inflow of revenues from the energy sector," the statement said.
According to the WB, the country's non-energy sector grew by 3.7 percent.