Fitch Solutions announces its forecast for Azerbaijan's economy in 2024

Fitch Solutions announces its forecast for Azerbaijan
# 28 November 2023 17:51 (UTC +04:00)

Fitch Solutions (FS) under Fitch Group has announced its forecasts for Azerbaijan's economy in 2024, APA-Economics reports citing the compay.

Fitch Solutions forecasted that the nominal GDP will reach AZN 168.6 bn and the GDP per capita to AZN 16,115.6.

"Our Oil and Gas team forecasts average annual oil prices to rise from USD80/bbl in 2023 to USD83/bbl in 2024 as the market remains in a structural supply deficit. They also expect crude output growth to return to positive territory at 3.4% y-o-y. Higher oil prices and output will contribute to stronger growth in 2024 at the same time as moderating inflation and lower interest rates ease conditions for households and investors. We expect inflation to average 7.5% in 2024, reaching 6.2% at the end of 2024. At the same time, we expect the Central Bank of Azerbaijan to keep its keep rate at 9.00% over the remainder of the end of 2023 before cutting to 8.25% by the end of 2024," FS added.