Industry in Azerbaijan

Azerbaijan Industry | Economic News & Forecasts

Azerbaijan - Industry

GDP rose a at stronger pace than 2021’s average in Q1 2022, chiefly on the back of soaring activity in the non-oil and gas sector. This was likely driven by strong private spending growth, reflected in a healthy increase in retail sales, which should have offset shrinking investment activity in Q1. Less positively, the oil and gas sector posted only marginal growth in the quarter. Turning to Q2, economic headwinds seem to be picking up. The war in Ukraine is likely hurting the Azeri economy due to soaring prices, as well as lower remittances from and trade with Russia. That said, higher global energy prices bode well for the country’s external sector. Meanwhile, on 29 April, Fitch Ratings affirmed Azerbaijan's 'BB+' credit rating with a stable outlook, citing the role of elevated energy prices in further boosting Azerbaijan's external and public finances.

Azerbaijan - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)2.4  -0.5  -3.4  1.5  1.8  

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Azerbaijan Industry Chart


Azerbaijan Industry
Note: Industrial production, annual variation in %.
Source: State Statistical Committee

Azerbaijan Facts

Value Change Date
Exchange Rate1.70-0.66 %Jan 01
Stock Market0.10.0 %Jan 07

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