Fitch: Azerbaijan’s non-oil GDP grew 9.1% in 2022

Azerbaijan’s economy expanded in 2022, driven by 9.1% growth in the non-energy sector. Energy sector GDP contracted 2.7%, with a 5.6% fall in oil production partly offset by 7.3% growth in gas output, Report informs referring to Fitch Ratings.

Fitch forecasts GDP growth slows to an average 2.1% in 2023-2024.

The general government surplus rose 2pp in 2022 to 6% of GDP driven by a 27% increase in revenue.