Azerbaijan Economic Forecast
January 11, 2022GDP expanded 5.3% year-on-year in the January-November period, accelerating from the 4.9% increase registered in January-October. Faster growth in retail trade and the industrial sector buttressed the economy. On the external trade front, in late December the country signed five agreements with Turkey, in a bid to boost power generation. Meanwhile, the IMF concluded an Article IV consultation with the country on 23 December. The Fund highlighted the suitable fiscal response to the pandemic, but encouraged the government to launch a growth-friendly fiscal consolidation strategy this year. Moreover, it noted that impediments to private sector growth and job creation should be removed to diversify the economy. On the military front, following a ceasefire with Armenia in mid-November, Azerbaijan handed over several captured Armenian soldiers in December in a further sign of easing tensions.
Azerbaijan Economic GrowthGDP should expand at a solid albeit softer rate this year, as the impact of the pandemic wanes. Increased natural gas production amid upbeat energy prices and strong infrastructure investment in Nagorno-Karabakh should sustain momentum. While pandemic-related uncertainty poses a downside risk, stronger-than-expected global growth poses an upside risk. FocusEconomics panelists see GDP growing 3.4% in 2022, which is unchanged from last month’s forecast, and 2.9% in 2023.
Azerbaijan Economy Data
5 years of Azerbaijan economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.70||-0.66 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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