15:21 - 29.11.2024

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November 29, Fineko/abc.az. Fitch Solutions raised its forecast on economic growth in Azerbaijan for 2024 from 2.5% to 3.1%, ABC.AZ informs, referring to the report of Fitch Solutions (FS).

FS noted that the reason for this was higher than expected growth in GDP in Azerbaijan for the first 8 months of 2024.

"According to our estimates, over the 8 months of this year, economic growth in Azerbaijan will make up 2.7-3.4%.

The data published on September 11 showed that the Azerbaijani economy grew by 4.3% year-on-year for Jan-Aug 2024.

The non-oil economy has grown significantly over this period - by 7%, while in the hydrocarbon sector this figure was only 0.2%. In 8 months of 2024, non-oil exports grew up to $2.2 billion. The non-oil economy contributed more to the main GDP growth in 2023, and will also contribute in 2024. We expected growth to slow down in early 2024, so our previous, lower forecast for the whole year was 2.5%. Now we expect the economy to grow by 3.1% in 2024. Our updated forecast surpasses the IMF forecast (2.4% growth forecast for 2024) and the World Bank forecast (2.3% growth forecast)," the FS report says.