GDP in Azerbaijan
Azerbaijan - GDPEconomic activity was only modest in Q1, with a contraction now largely expected in Q2 due to the blow dealt by the coronavirus. Annual growth in January–March ebbed compared to January–February, as the non-oil segment took a hit in March due to the quarantine regime enforced by authorities to contain Covid-19’s spread. The collapse in oil prices in the same month also pummeled the hydrocarbons sector. Turning to Q2, in early April, the government announced an economic package amounting to AZN 2.5 billion (around 3.0% of GDP) consisting of tax relief measures, wage contributions and credit guarantees to cushion the blow of the pandemic. Meanwhile, on 1 May, the government announced that the partial lockdown measures would be extended until the end of the month. This, combined with depressed global crude prices persisting since the March shock and the OPEC+ agreement struck in mid-April to drastically slash production, are set to hammer both the non-oil and oil economy alike in Q2.
Azerbaijan - GDP Data
|Economic Growth (GDP, annual variation in %)||2.8||1.1||-3.1||0.2||1.4|
5 years of economic forecasts for more than 30 economic indicators.
Azerbaijan GDP Chart
|Exchange Rate||1.70||-0.66 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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