BAKU, Azerbaijan, April 10. The growth of the industry sector in Azerbaijan in 2023 is forecast to stand at 0.5 percent, Trend reports via the WB's Europe and Central Asia Economic Update.
According to the outlook, this is considerably low, compared to 2.4-percent growth in 2022. However, the growth in the industry sector in the country is expected to recover slightly in 2024 to 1 percent, and further to 1.2 percent in 2025.
At the same time, the growth in agriculture sector is projected to stand at 3.2 percent in 2023. The forecast stands at 3 percent both for 2024 and 2025.
Overall, as the WB estimates, growth in non-energy sectors in Azerbaijan is expected to ease to 5.2 percent, after two years of rapid growth, as it goes back to the pre-COVID-19 growth path.
"Growth will be supported largely by services and construction, which is expected to remain robust due to strong public investment focused on reconstruction. In the medium-term, growth is expected to average 2.5 percent in the absence of structural reforms," the report said.
Meanwhile, 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.
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