BAKU, Azerbaijan, April 10. The growth of Azerbaijan’s agriculture sector in 2023 is forecast to stand at 3.2 percent, Trend reports via the WB's Europe and Central Asia Economic Update.
According to the report, the expected annual growth in the agriculture sector of Azerbaijan in 2023 will be lower, compared to 2022 estimations (3.4-percent growth).
Meanwhile, as the WB anticipates, Azerbaijan’s agriculture sector will proceed with further decrease in 2024. The forecast stands at 3 percent both for 2024 and 2025.
At the same time, the WB expects Azerbaijan’s GDP growth to reach 2.2 percent in the current year, 2.5 percent – the next year, and 2.6 percent – in 2025, in comparison with 4.6 percent growth in 2022.
"The main downside risks to the outlook include the risk of reversals of money transfers from Russia and trade rerouting, which has benefited the Azerbaijani transport sector following the war in Ukraine. Upside risks in the medium-term include higher-than-forecasted energy prices and a potential ramp up of natural gas exports to the EU," the report said.
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