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S&P updates Azerbaijan's GDP growth outlook for 2021

Finance Materials 23 June 2021 16:04 (UTC +04:00)

BAKU, Azerbaijan, June 23

By Fidan Babayeva - Trend:

The S&P Global Ratings international rating agency expects Azerbaijan's GDP growth by 2.4 percent in 2021, Trend reports citing the agency's data.

According to S&P estimates, Azerbaijan's real GDP growth rates are projected to be 2.4 percent in 2021 and 4.7 percent during 2022-2023, following the economic slowdown in 2020 caused by the COVID-19 pandemic.

The decline in Azerbaijan's GDP in 2020 amounted to 4.3 percent due to restrictions due to the pandemic and a reduction in oil production as part of the OPEC + deal.

In January 2021, S&P Global Ratings predicted the 2.1-percent growth for Azerbaijan's GDP in 2021.

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