BAKU, Azerbaijan, Dec. 18
By Zeyni Jafarov - Trend:
Fiscal incentives and measures aimed at preventing a decline in credit flows and plans for large-scale economic construction in the Azerbaijani territories liberated from the Armenian occupation will additionally support optimism regarding the restoration of Azerbaijan’s economic growth in 2021, Trend reports with reference to the Central Bank of Azerbaijan (CBA).
According to the CBA, operational indicators of economic activity show that recovery processes are underway in the real sector of the country.
In accordance with the monitoring of enterprises in the real sector, the index of entrepreneurial confidence in November 2020 remained unchanged in construction, while an upward trend was observed in the non-oil industry, trade and services.
In accordance with the official statistics, amid softening impact of the coronavirus pandemic on aggregate supply and demand, Azerbaijan's GDP in real terms decreased by 4.3 percent, while in the non-oil sector - by 2.9 percent over 11 months of this year.
According to the CBA, the pandemic affects certain sectors of the economy differently, depending on the level of contacts.
Thus, some branches of the non-oil industry showed economic growth by 11.3 percent while agriculture - by two percent.
The CBA also stressed that the economic growth is expected to resume in Azerbaijan in 2021 due to the improvement of the external environment and the activation of deferred demand.
However, uncertainty about the long-term impact of the pandemic on the structure of the national economy is still observed.
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