The European Bank for Reconstruction and Development (EBRD) has assessed the impact of changes in energy prices on Azerbaijan’s economy, APA-Economics reports.
According to the Bank, higher energy prices have led to increased export revenues for Azerbaijan as an oil-exporting country.
The report said that the additional impact on Azerbaijan’s export revenues resulting from changes in energy prices was estimated at 3.9% of the country’s gross domestic product (GDP).
The EBRD noted that while higher energy import costs in a number of countries were mainly associated with diesel and aviation fuel, net energy exporters, including Azerbaijan, benefited from additional export revenues.
According to the Bank’s assessment, Azerbaijan’s economic growth prospects remain dependent on hydrocarbon prices and production volumes. At the same time, the development of the non-oil sector, regional connectivity projects, and investments in renewable energy create additional opportunities for economic diversification.
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