Gazprombank forecasts Azerbaijan's GDP at 4.5 pct in 2022

By Azernews

By Ayya Lmahamad

Russian Gazrpombank's Market Analysis Department deputy head Gulnara Khaidarshina has said that the bank forecasts Azerbaijan's gross domestic product (GDP) at 4.5 percent in 2022, Trend has reported.

The deputy head noted that this figure is 0.6 percent lower than the 2021 forecast.

Noting that the inflation in Azerbaijan in 2022 will decrease by 3.8 percent and make up 6 percent, Khaidarshina added that the country's refinancing rate will be 8 percent at the end of 2021 and 7.5 percent in 2022.

"In addition, we forecast that the exchange rate of AZN against the dollar will remain at AZN 1.7 by the end of next year as well," she said.

Khaidarshina added that Gazprombank considers Eurobonds of Azerbaijan as fairly valued by the market compared to the countries of a similar rating group.

Earlier, Energy Minister Parviz Shahbazov said that Azerbaijan’s gross domestic product (GDP) has increased more than three times, over the past 18 years. At the same time, the poverty rate has dropped from 49 to 6 percent and more than 2 million jobs have been created over the reported period. Unemployment in the country is at the level of about 6 percent.

Additionally, Economy Minister Mikayil Jabbarov said that the country's nominal GDP is forecasted to exceed $50 billion as of 2021.

Azerbaijan's GDP grew by 5.3 percent during the first 11 months of 2021.

Azerbaijan is entering a new stage of development, which will cover 2022-2030. The primary tasks set up are sustainable economic growth, financial stability of the national economy and the restoration of liberated territories.

Gazprombank is one of Russia’s leading credit organizations, providing banking support services for contracts since 2014.

To date, Gazprombank has implemented large-scale projects in Azerbaijan’s oil, gas and petrochemicals areas in cooperation with SOCAR. It participated in financing the SOCAR Polymer project and the modernization of Azerikimya Production Union enterprises.