Fitch Solutions predicts Azerbaijan's nominal GDP to double by 2030

Finance Materials 3 February 2021 11:17 (UTC +04:00)
Fitch Solutions predicts Azerbaijan's nominal GDP to double by 2030

BAKU, Azerbaijan, Feb.3

By Zeyni Jafarov - Trend:

Azerbaijan's nominal GDP will grow to $94.3 billion by 2030, Trend reports referring to the forecasts of the international rating agency Fitch Solutions.

According to the agency, by the late 2020, the nominal GDP of the country made up nearly $48.4 billion. Thus, this figure will increase 1.9 times over the next 10 years.

In 2021 Azerbaijan's nominal GDP will rise to $50.9 billion, in 2022 - to $52.8 billion, and by early 2025 will reach $60.2 billion, the agency said.

At the same time, the real rates of economic growth of Azerbaijan in 2021 will be 2 percent, in 2022 - 2.7 percent, in 2023 - 3.1 percent, and in 2024 and 2025 - 3.3 and 3.8 percent, respectively.

Fitch Solutions has also forecasted that Azerbaijan's vast energy reserves, especially gas, will support economic growth over the next 10 years.

“However, we expect only a moderate recovery in oil prices over our long-term forecast period. Since 2005, oil revenues have accounted for more than 40 percent of GDP and over 75 percent of Azerbaijan’s government revenues. The share of non-oil GDP will remain high over the 10-year forecast horizon, despite on the likelihood of a decrease in oil production ", added the agency’s analysts.

Earlier, Azerbaijani Economy Minister Mikayil Jabbarov said in an interview with Bloomberg that Azerbaijan's task is to double the country's GDP by 2030 in accordance with the new 10-year development plan, which requires an average annual economic growth rate of seven percent.


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