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Fitch Ratings anticipates Azerbaijan's GDP growth in 2021

Business Materials 15 May 2021 16:26 (UTC +04:00)
Fitch Ratings anticipates Azerbaijan's GDP growth in 2021

BAKU, Azerbaijan, May 15

By Fidan Babayeva – Trend:

GDP of Azerbaijan will grow by 2.1 percent in 2021 and 2.9 percent in 2022, Trend reports on May 15 referring to Fitch international rating agency’s forecasts.

According to the agency, a gradual increase in oil production (in line with Azerbaijan's OPEC plus quota) and recovering non-oil GDP will support strengthening activity from the second half of 2021.

“Oil and gas production capacity is expected to be broadly flat in 2022 and to gradually decline thereafter,” the agency said.

Fitch also revised the outlook on the operating environment from negative to stable.

“The deposit dollarization ratio has steadily fallen, to 55 percent at end-1Q21,” added the agency.

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