S&P Global Ratings agency shares Azerbaijan's GDP growth forecast

By Trend

International rating agency S&P Global Ratings has improved the forecast for the growth of Azerbaijani economy in 2022 to 3.5 percent from previously expected 2.7 percent, Trend reports citing agency.

According to S&P, Azerbaijan's GDP growth forecasts for period from 2023 through 2025 have remained unchanged since the January review. This figure will be 1.5 percent from 2023 through 2024 and 1 percent in 2025.

According to forecasts, the average annual growth of the Azerbaijani economy will be about 1.3 percent from 2023 through 2025.

S&P agency predicts Azerbaijan's nominal GDP for 2022 at $72 billion (previous forecast for 2022 - $61 billion), in 2023 - $69 billion (previous forecast $60 billion), in 2024 - $61 (previous forecast $58 billion), in 2025 - $64 billion (previous forecast $61 billion).