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S&P Global Ratings improves economic growth forecast of Azerbaijan

“S and P Global Ratings” has determined the economic growth forecast of Azerbaijan for 2024, APA-Economics reports.

S and P Global Ratings forecasted a 1,5% increase in real gross domestic product (GDP) in Azerbaijan this year. This is 0,1% more than the average economic growth expectation for 2024-2026, which S and P announced last year.

The rating agency also forecasted that nominal GDP in Azerbaijan will be USD 76.08 billion in 2024, and GDP per capita will be USD 7,364.82.

Note that World Bank forecasted the economic growth in Azerbaijan at 2.3% in 2024, 2.4% in 2025 and 2026, and the Asian Development Bank forecasted at 1,2% in 2024 and 1,6% in 2025. The international bank and financial services corporation of the Netherlands ING also determnied its forecast for GDP growth at 2.5% in 2024 and at 2.7% in 2025.

Recall that according to the State Statistical Committee of the Republic of Azerbaijan, in the first quarter of 2024, 4% economic growth was recorded in Azerbaijan. The volume of nominal GDP wa
s USD 29,1 billion.

Source: Azeri-Press news agency