World Bank revises forecasts for Azerbaijan’s real GDP growth

Business Materials 12 June 2024 16:05 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, June 12. The real GDP growth in Azerbaijan in 2024 is expected to stand at 2.3 percent, before rising to 2.4 percent in 2025, Trend reports with reference to the June 2024 edition of the World Bank’s Global Economic Prospects.

This is while in January 2024 report Azerbaijan’s real GDP growth was expected at 2.4 percent and 2.5 percent for 2024 and 2025, respectively.

The World Bank expects this figure to remained unchanged at 2.4 percent for 2026 as well.

Overall, in South Caucasus, growth is projected to stabilize at about 3.5 percent annually over 2024–26. Azerbaijan is expected to pick up supported by some recovery in hydrocarbon exports, which were notably low in 2023. This rebound is expected to be counterbalanced by the easing of growth in Armenia and Georgia from exceptionally high levels in recent years.

The data from the State Statistics Committee of Azerbaijan shows that GDP grew by 4.3 percent from January through April 2024, year on year, to 38 billion manat ($22 billion).

In the reporting period, value added in the non-oil sector grew by 7.7 percent and in the oil and gas sector by 0.1 percent compared to the first four months of 2023.

Meanwhile, the share of industry in the GDP structure amounted to 40.3 percent.

In the GDP structure, 9.5 percent came from trade and repair of vehicles, 6.9 percent from transport and warehousing, six percent from construction, 3.1 percent from agriculture, forestry, and fish farming, 2.4 percent from the tourism sector, and 1.7 percent from information and communication.

Other sectors of the economy accounted for 20.4 percent of GDP.

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