Fitch Ratings: Azerbaijan’s economy to grow 1.8% this year

Fitch Ratings forecasts that the economic growth in Azerbaijan will be 1.8% this year after a slowdown in 1H23 in the oil and non-oil economies, Report informs referring to the rating agency’s website.

“We expect growth to average 2.3% in 2024-2025 due to the non-oil economy growth, while the energy sector drag could ease due to new oil production that could slow the decline (7.6% fall in 2022 to 676,000 barrels a day). We also expect further natural gas production growth with potential upside if purchasing contracts to increase export volumes to Europe are finalized.”