Baku, Azerbaijan, Sept. 9
By Sara Israfilbayova - Trend:
In 2019, Russia’s Analytical Credit Rating Agency (ACRA) expects an increase in Azerbaijan’s GDP by 2-2.2 percent, Zhannur Ashigali, associate director of the Sovereign Ratings and Forecasting Group at ACRA, told Trend.
He said that forecasts for 2020 are nearly the same.
“The most relevant factors include the revival of domestic trade, as well as the impetus from investments in fixed assets and increasing hydrocarbon production,” he noted.
The expert believes that this will contribute to an increase in industrial production, which can show growth of 2.8-3 percent in 2019-2020.
In January-July 2019, Azerbaijan’s GDP reached 44.473 billion manats, that is 2.5 percent more than in the same period last year.
During the reporting period, economic growth was observed in spheres such as information and communications - 16.9 percent, agriculture, forestry and fisheries - 6.3 percent, tourism and catering - 4.3 percent, industry - 3.3 percent, trade and repair of vehicles - 2.9 percent, transport and storage - 2.6 percent, in other spheres - 1.7 percent.
In January-July, the economic growth reached 1.9 percent in the oil sector, and three percent in the non-oil sector.
GDP per capita for the reporting period reached 4,499.5 manats.