The construction sector in Azerbaijan has been hit by the collapse in oil prices, having declined 15.2 percent in 2020, 6.1 percent in 2019 and 8.8 percent in 2018, Report informs referring to the forecast by GlobalData British consulting company.
Azerbaijan’s construction industry is likely to rebound in 2021 with 9.1 percent growth, followed by a steady increase of around 4.4 percent during the following four years.
The rebound, if it occurs, is likely to be driven by Azerbaijan’s $1.3 billion rebuilding effort for Nagorno-Karabakh.
The Azerbaijani State Agency of the Roads announced last year that it will repair or rebuild 2,661 kilometers of roads.
"The government plans to increase the share of non-oil FDI from 2.6 percent of GDP in 2017 to 4 percent by 2025," said Danny Richards, GlobalData’s lead economist.