World Bank Revises Forecasts For Azerbaijan's Real GDP Growth
Date
6/12/2024 9:17:46 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 12. The real GDP growth
in Azerbaijan in 2024 is expected to stand at 2.3 percent, before
rising to 2.4 percent in 2025, Trend reports with reference to the
June 2024 edition of the World Bank's Global Economic
Prospects.
This is while in January 2024 report Azerbaijan's real GDP
growth was expected at 2.4 percent and 2.5 percent for 2024 and
2025, respectively.
The World bank expects this figure to remained unchanged at 2.4
percent for 2026 as well.
Overall, in South Caucasus, growth is projected to stabilize at
about 3.5 percent annually over 2024–26. Azerbaijan is expected to
pick up supported by some recovery in hydrocarbon exports, which
were notably low in 2023. This rebound is expected to be
counterbalanced by the easing of growth in Armenia and Georgia from
exceptionally high levels in recent years.
The data from the State Statistics Committee of Azerbaijan shows
that GDP grew by 4.3 percent from January through April 2024, year
on year, to 38 billion manat ($22 billion).
In the reporting period, value added in the non-oil sector grew
by 7.7 percent and in the oil and gas sector by 0.1 percent
compared to the first four months of 2023.
Meanwhile, the share of industry in the GDP structure amounted
to 40.3 percent.
In the GDP structure, 9.5 percent came from trade and repair of
vehicles, 6.9 percent from transport and warehousing, six percent
from construction, 3.1 percent from agriculture, forestry, and fish
farming, 2.4 percent from the tourism sector, and 1.7 percent from
information and communication.
Other sectors of the economy accounted for 20.4 percent of
GDP.
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