BAKU, Azerbaijan, Dec. 29
By Sadraddin Aghjayev - Trend:
Russia’s Gazprombank predicts that the gross domestic product (GDP) of Azerbaijan in 2022 will amount to 4.5 percent, Deputy Head of the Market Research Department at Russian Gazprombank Gulnara Khaidarshina told Trend.
According to Khaidarshina, this figure is 0.6 percent less than the forecast for 2021.
"Inflation in Azerbaijan, according to our forecasts, by the end of 2021 will amount to 9.8, and in 2022 it will decrease by 3.8 percent and will amount to six percent," she said.
The deputy head noted that the refinancing rate in Azerbaijan at the end of 2021 will be eight percent, and in 2022 - 7.5 percent.
"In addition, we predict that the rate of manat against the dollar will remain at the level of 1.7 manat until the end of next year," Khaidarshina stressed.
In addition, Gazprombank considers Azerbaijan's Eurobonds as fairly valued by the market in comparison with countries of a similar rating group. With further diversification of economic growth due to the non-oil and gas component in the form of new projects in Karabakh and an increase in non-oil and gas exports, the bank sees the potential for narrowing Z-spreads (the current value of all cash flows should be equal to the market price of the bond) in the medium term.
It is noted that the strategic foreign exchange reserves of Azerbaijan exceed $53 billion, the indicators of non-oil production and exports are growing. This year, non-oil exports have reached a record growth of 44 percent. Azerbaijan's GDP at the beginning of December amounted to 5.3 percent.
Earlier it was reported that Azerbaijan's non-oil exports in 2021 reached a record high in the entire history of the country's independence.
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