BAKU, Azerbaijan, May 16. Strong economic growth of Azerbaijan in the past two years was driven by a post-Covid-19 rebound and high hydrocarbon revenues, Trend reports with reference to the Regional Economic Prospects of the European Bank for Reconstruction and Development (EBRD).
EBRD estimates that in 2022, output grew by 4.6 per cent, with growth of 9 per cent in the nonoil and gas sector, as the economy benefitted from large foreign-currency inflows.
“High prices of oil and gas boosted export revenues. The Central Bank of Azerbaijan continued to raise the policy interest rate, the latest rise bringing it to 8.75 per cent in March 2023,” the report reads.
EBRD expects GDP growth to stand at 2.5 percent in 2023 and 2.7 per cent in 2024.
The data from Azerbaijan’s State Statistics Committee reveals that the country’s GDP slightly increased from January through April 2023 and amounted to 39.98 billion manat ($23.5 billion), up by 0.1 percent on an annual basis.
In the first four months of this year, value added in the non-oil industry grew by 3.1 percent, while in the oil and gas sector decreased by 2.9 percent year-on-year.
In the structure of GDP, the share of industry in the specified period was 46.8 percent.
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