Azerbaijan Economic Forecast
July 31, 2018Economic momentum gained steam in the first half of the year on the back of a strengthening non-oil sector. Annual GDP growth for the January–June period was 1.3%, up from the 1.1% recorded in the first five months of the year. The non-oil sector continued to outpace the oil sector, where growth essentially flatlined. Moreover, in the same period, industrial production accelerated; it was similarly driven by higher non-oil output. Despite weaker growth in the all-important oil sector, higher oil prices continue to buoy the economy. In light of higher prices, the 2018 state oil fund budget was amended on 17 July to account for increased hydrocarbon revenue.
Azerbaijan Economic GrowthThe economy is expected to shift into a higher gear this year and next, driven by higher oil prices, recovering industrial production and stronger domestic demand. Moreover, important reforms aimed at diversifying the economy and broadening the private sector should also foster growth. FocusEconomics panelists see GDP expanding 1.8% in 2018, which is unchanged from last month’s estimate, and 2.4% in 2019.
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 %||Aug 15|
|Stock Market||0.1||0.0 %||Aug 15|
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