BAKU, Azerbaijan, July 27. Fitch Ratings shared its forecast for Azerbaijan's economic growth rates, Trend reports.
According to Fitch, Azerbaijan's gross domestic product (GDP) growth is set to recover cyclically to 3.2 percent due to a slower decline in oil production (with the commissioning of the ACE, or Azeri Central East, production platform on the Azeri-Chirag-Gunashli block) and positive spillovers from the reconstruction of Karabakh.
"The drag of the oil sector will ease relative to previous years, due to new oil production that could slow the pace of the decline and higher natural gas production," Fitch analysts noted.
However, the rating agency forecasted GDP growth to slow to 2.7 percent in 2025 and 2.3 percent in 2026 and recommended the government intensify economic diversification, particularly through organizing affordable financing for the private sector.
Azerbaijan's GDP growth rate was 1.1 percent (a nominal volume of 123 billion manat, or $72.3 billion) in 2023.