World Bank updates its growth forecast in Azerbaijan's non-energy sector

World Bank updates its growth forecast in Azerbaijan
# 10 April 2023 10:22 (UTC +04:00)

The World Bank (WB) announced the growth forecast of the non-oil sector in Azerbaijan until 2026, APA-Economics reports citing WB.

Growth in non-energy sectors is expected to ease to 5.2 percent, after two years of rapid growth, as it converges to the pre-COVID growth path.

"Growth will be supported largely by services and construction, which is expected to remain robust due to strong public investment focused on reconstruction.

In the medium term, growth is expected to average 2.5 percent in the absence of structural reforms," adds WB.

The bank also announced that the share of agricultural growth in real GDP is projected to be 3.2% in 2023 and 3.0% in 2024 and 2025.

Note that this figure was 3.4% last year.

Industrial growth in Azerbaijan is set at 0.5% in the current year, 1% in 2024, and 1.2% in 2025.

Growth in the service sector is expected to be 4.7% in 2023, 4.5% in 2024, and 4.6% in 2025.