12:31 - 16.05.2023

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May 16, Fineko/abc.az. The strong economic growth in Azerbaijan over the past two years has been associated with the recovery of the economy after Covid-19 and high revenues from hydrocarbons, ABC.AZ informs with reference to EBRD’s report.

The report notes that in 2022, thanks to large foreign currency injections into the economy, the non-oil and gas sector experienced an increase of 9%, and in total production - by 4.6%. High oil and gas prices have increased export revenues, as well as remittances from Russian citizens of Azerbaijani origin have increased 6-fold.

"Despite the fact that gas production in Azerbaijan during the first three months of 2023 benefited from the growing demand for alternative gas supplies to Europe, it sharply affected economic growth with a drop in production in the oil and gas sector by 4.0% up to 0.4% a year," the report says.