Sustainable demand for oil, gas to stimulate Azerbaijani economy - Fitch

Azerbaijan's gross domestic product (GDP) will grow by 2.5% this year and 3.3% in 2022, a report by Fitch Solutions reveals.

According to Report, the document report says that given the ongoing economic recovery in continental Europe and sustainable demand for oil and gas, it will help support Azerbaijan's foreign sector in 2021-2022.

"Domestic demand will recover more slowly due to the COVID-19 pandemic," the report adds.

According to the State Statistics Committee, in January-August this year, the Azerbaijani economy grew by 3.6% annually.

The oil and gas sector, which accounted for 28.4% of GDP in 2020, continued its negative trend, declining by 1.2% compared to the 5.7% increase in value added of the non-oil and gas sector.