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Gazprombank discusses return of Azerbaijani economy to growth

Finance Materials 28 May 2021 09:42
Gazprombank discusses return of Azerbaijani economy to growth

BAKU, Azerbaijan, May 28

By Zeyni Jafarov - Trend:

The return of the Azerbaijani economy to growth after April 2021 was facilitated by the recovery of the non-oil sector, Gulnara Haydarshina, Deputy Head of the Market Analysis Department of Gazprombank, told Trend.

According to Haydarshina, this sector showed an increase of 4.1 percent, which made it possible to compensate for the decline in the oil and gas sector, which in turn showed a decline of 8.4 percent.

"Significant growth in the non-oil sector of the economy was facilitated mainly by the support of the entities involved in it, which gave an impetus to return to growth as quickly as possible," said Haydarshina.

"The recovery of the non-oil sector will accelerate after the second quarter of 2021. On the same horizon, the oil and gas sector can be expected to return to growth on the recovery of oil prices to levels that are 3.5 times higher than the minimum values ​​recorded in April last year since the beginning of the pandemic," the Gazprombank representative said.

"Given the favorable conjuncture of hydrocarbon prices and the increase in supplies through the TAP gas pipeline launched in November 2020 with an export potential of 10 billion cubic meters per year, the growth of the Azerbaijani economy in 2021 under the best scenario of oil prices may reach 5.1 percent," added Haydarshina.

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