BAKU, Azerbaijan, August 13. Fitch Solutions (FS), a subsidiary of Fitch Group, has maintained its forecasts for Azerbaijan's real GDP growth in 2024 and 2025 compared to the previous quarter, Trend reports.
FS data shows that analysts expect Azerbaijan's economy to grow by 2.6 percent in 2024 and by 2.8 percent in 2025.
Experts pointed out that the country's main economic sector is related to the extraction and export of hydrocarbons, and therefore, when assessing risks to economic growth, global hydrocarbon prices remain a key factor.
"In the first five months of 2024, the Azerbaijani economy grew by 4.2 percent compared to the same period last year. This growth can be attributed to the increase in global energy prices and to the slowdown in inflation.
Tensions in the Middle East have exerted upward pressure on crude oil prices at a time when the demand for natural gas remains strong. As a major hydrocarbon producer and exporter, this dynamic will have a positive impact on the Azerbaijani economy," the FS report said.
Meanwhile, the UN forecasts Azerbaijan's GDP growth in 2024 at 2.6 percent, the World Bank at 2.3 percent, Moody's at two percent, and ING at 3.8 percent.