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ADB: "GDP to increase by 0.5% in this year, 1.5% in 2021 in Azerbaijan" - FORECAST

03 April 2020 10:56 (UTC +04:00)

Asian Development Bank (ADB) expects growth rate of GDP in Azerbaijan to be 0.5% in 2020 in an economic environment where oil prices are low, while the it will increase up to 1.5% in 2021 thanks to high oil-gas production, APA reports citing Asian Development Outlook 2020: Growth Outlook.

Growth perspectives of Azerbaijan economy will depend on oil prices in upcoming future. Growth of industry sector, forecasted 0.5% for 2020, while 2% for 2021, will occur thanks to expected high indicators of hydrocarbon production, especially high production in Shahdeniz-2 gas field and completion of Trans-Adriatic gas pipeline (TAP) in 2020.

According to the forecasts of ADB, growth rate in agriculture in Azerbaijan will be 4.5% in 2020, 4% in 2021. Despite spread of coronavirus infection, banks expects service sector to increase by 1% in the country in 2020.