Azerbaijan’s economic growth is forecast at 4.5 percent in 2022, Trend reports via the European Bank for Reconstruction and Development (EBRD).
The September edition of the Regional Economic Prospects report reveals that the country’s economy will grow by 2.5 percent in 2023.
Thereby, EBRD forecasts for the country’s economic growth have remained unchanged from May edition.
“In Azerbaijan, the strong performance of the non-energy sector led to 6.2 per cent growth during the first seven months of 2022. The rising prices of hydrocarbons almost doubled export revenue, leading to large current-account and budget surpluses.
High energy prices are expected to support the country’s economic growth in the near term,” reads the report.