Azerbaijan Economic Forecast
October 5, 2021The economy grew 3.6% in the January-August period compared to the same period of 2020, accelerating from the 2.7% increase recorded in January-July. The non-oil sector continued to lead the upturn, increasing by close to 6.0% in the first eight months of the year. Industrial production growth gained considerable steam, underpinning the recovery, while capital spending slid at a softer rate in year-on-year terms in August. Additionally, nominal income dynamics improved for the fourth consecutive month, translating into a further acceleration in retail sales growth. Meanwhile, Azerbaijani oil prices hit a two-year high in late September, boding well for the country’s important oil sector, while efforts are underway to guarantee the full operation of the Baku-Tbilisi-Kars railway project, which could boost trade and tourism ahead.
Azerbaijan Economic GrowthThe economy is set to expand this year and next, as the global pandemic loosens its grip and restrictions are gradually phased out. Sustained infrastructure spending in the Nagorno-Karabakh region, as well as rising oil and gas production amid upbeat energy prices and robust global demand, will underpin growth. That said, pandemic-related uncertainty poses a downside risk. FocusEconomics panelists see GDP growing 3.3% in 2021 and 3.5% in 2022, which is up 0.1 percentage points from last month’s forecast.
Azerbaijan Economy Data
5 years of Azerbaijan economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Exchange Rate||1.70||-0.66 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.