Fitch improves Azerbaijan's 2022 GDP growth forecast

The international rating agency Fitch Ratings improved the forecast for Azerbaijan's GDP growth from 3.6% (April forecast) to 4.3% in 2022.

In 2023-2024, the country's GDP growth is expected to be at the level of 2.3% per annum.

"The non-oil sector drove Azerbaijan's GDP growth by 5.8% in the first 8 months of the year due to the pent-up pandemic demand, increased remittances from Russia, and growth in the transport sector. Fitch forecasts GDP growth at 4.3% in 2022, and  2.3% in 2023-2024,” the agency’s reports reads.