We expect the growth profile for Azerbaijan to be more steady over the decade-long forecast period when the economy will grow by an average rate of 2.9% compared with 1.7% over 2012-2022, this was stated in a country report by Fitch Solutions (FS), a company belonging to Fitch Group, APA-Economics reports.
The country's extensive energy reserves, particularly gas, will remain a predominant growth driver over the next decade with Europe especially consuming more Azeri energy. Since 2005, oil revenues have comprised nearly 30% of GDP and over 75% of government revenues in recent years. We believe that the percentage that oil contributes to GDP is likely to remain high throughout our 10-year forecast outlook, despite the likelihood of a decline in oil production as oil price growth remains steady rather than spectacular.
Recall that Fitch Solutions predicted 2.6% economic growth in Azerbaijan for 2025.
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