BAKU, Azerbaijan, May 2. Azerbaijan’s GDP growth in 2022 is projected at 3.6 percent, compared to 5.6 percent in 2021, with further weakening from the second quarter of 2022, Trend reports, citing the data from Fitch Ratings.
According to the report, the growth is projected to slow to 2 percent in 2023, below the 'BB' median of 3.5 percent, with stagnating energy production as expansion in the gas sector offsets a gradual decline in oil production.
Meanwhile, Fitch has affirmed Azerbaijan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.
“The Stable Outlook balances the benefit of high energy prices in further boosting Azerbaijan's external and public finances,” Fitch said.
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