BAKU, Azerbaijan, June 8. International rating agency S&P Global Ratings notes that investments in Karabakh will contribute to the economic growth of Azerbaijan's non-oil sector, Trend reports.
The agency reported that Azerbaijan's economy showed a more sustainable pattern in the first four months of 2024, with real GDP growing by 4.3 percent year-on-year, mostly due to the non-oil sector, while the oil sector declined.
The non-oil sector grew by almost 8 percent from January through April 2024, driven by freight and passenger transportation, ICT, and retail trade. Government investments in the liberated from occupation Karabakh, have driven construction sector growth.
"Investments linked to Karabakh are fueling expansion in the non-oil industry. In the medium to long run, we expect the non-oil sector to expand at a rate of 3 percent to 4 percent per year,” the agency emphasized.
To note, S&P Global Ratings has affirmed Azerbaijan's long-term and short-term foreign and local currency sovereign credit ratings at 'BB+/B'.
Launched in 2012, S&P Global is the world's largest global resource for index-based concepts, data, and research. S&P Global Ratings provides credit ratings, research, and insights required for growth and transparency in 27 countries. Local and global perspectives are offered by S&P Global Ratings analysts.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel