Azerbaijan's non-energy sector will grow by 4.3%: Fitch

Fitch forecasts growth of 4.3% in 2022, falling to an average 2.3% in 2023-2024, near Azerbaijan's trend rate, which is constrained by stagnating energy production, Report informs, citing agency.

The non-energy sector drove GDP growth of 5.8% in 8M22, helped by pent-up pandemic demand, higher Russian remittances and a boost to the transportation sector following the war in Ukraine.

While greater EU demand for Azeri gas, which led to July's agreement to near double exports to the EU by 2027, could result in new investment, the resulting production would take many years to be realized.