Strong economic growth in the past two years was driven by a post-Covid-19 rebound and high hydrocarbon revenues, noted in the report of the European Bank for Reconstruction and Development (EBRD), APA-Economics reports.
"In 2022, output grew by 4.6 percent, with a growth of 9 percent in the non-oil and gas sector, as the economy benefitted from large foreign-currency inflows. High prices of oil and gas boosted export revenues, while at the same time, net money transfers increased six-fold, mostly linked to Russian citizens including many of Azerbaijan origin. During the first three months in 2023, economic growth sharply decelerated, to 0.4 percent year-on-year, with output in the oil and gas sector falling by 4.0 percent, even though gas production has benefitted from rising European demand for alternative gas supplies," noted in the report.
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