IMF: Azerbaijan's oil GDP to increase by 0.2%, while non-oil GDP by 3.5% this year

# 10:04
12 April 2021

According to updated forecasts of the International Monetary Fund (IMF), oil GDP will increase by 0.2% in Azerbaijan this year, APA-Economics reports citing April publication of Regional Economic Outlook report of the IMF on the Middle East and Central Asia region.

It has remained unchanged in comparison with the forecast of October of the previous year. An increase of 0.2% is expected in 2022. The IMF says that reduction of oil production within the framework of the OPEC+ agreement will weakly affect economic activity in Azerbaijan.  

Furthermore, according to Fund’s forecasts, the non-oil GDP of Azerbaijan will increase by 3.5% this year (October forecast – an increase of 3%), while by 2.5% in 2022.

Note that the oil GDP of Azerbaijan decreasing by 7.2% in 2020 amounted to AZN 21,640 bln., while non-oil GDP decreasing by 2.6% amounted to AZN 50,793 bln.