BAKU, Azerbaijan, Sept. 21
By Zeyni Jafarov - Trend:
Azerbaijan's GDP will grow by 3.8 percent by the end of 2021, and the non-resource sector will become the main driver of the recovery growth, Andrey Melashchenko, an economist at the Renaissance Capital Russian investment company for the CIS, told Trend.
The main growth in 2022 will be provided by the recovery of fossil fuel production and the corresponding growth of the oil and gas sector, although by the beginning of August 2021 this industry showed a decline of 3.1 percent, he said.
"According to our estimates, in September the economic growth rate should accelerate by 3.8 percent, despite the fact that over the first nine months of 2020, Azerbaijan's GDP decreased by 3.9 percent – from 58.5 billion ($34.4 billion) to 52.1 billion manat ($30.6 billion)," the economist of Renaissance Capital added.
In 2022, the economy of Azerbaijan will grow by 4.2 percent against the background of a significant contribution from the mining industry, he noted.
"Despite the crisis caused by the coronavirus pandemic around the world, Azerbaijan has maintained a fairly stable economic position, which was achieved due to the reserves accumulated in recent years, including the savings of the State Oil Fund and the gold and foreign exchange reserves of the Central Bank of Azerbaijan," Andrey Melashchenko added.
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