11:07 - 25.09.2024

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September 25, Fineko/abc.az. The Asian Development Bank (ADB) has raised the forecast of economic growth in Azerbaijan for 2024 up to 2.7% - by 1.5 percentage points compared with the April report.

ABC.AZ informs that according to the updated Asian Development Outlook, country's GDP will grow by 2.6% in 2025. The revision of the forecast was influenced by growth in the non-oil sector, increased government spending and increased investment activity.

The ADO says that the high growth rates of the oil & gas economy stimulated development in the 1st half of 2024. GDP growth accelerated from 0.5% in the 1st half of 2023 up to 4.3% in the 1st half of 2024, helped by 6.9% growth in the non-oil sector.

The non-oil industry increased by 7.4%. The large volume of investments doubled the growth rate in construction from 9.2% in the 1st half of 2023 to 18.4% in 2024. The service sector grew by 6.1%, and the transport sector by 15.4%.