Fitch Solutions updates its forecast for Azerbaijan's economic growth

Fitch Solutions updates its forecast for Azerbaijan
# 29 May 2024 13:02 (UTC +04:00)

Fitch Solutions (FS) under Fitch Group has not changed its forecast of economic growth in Azerbaijan for 2024 and determined it 2.6%, APA-Economics reports citing the compay.

In 2025, Fitch Solutions has reduced the economic growth forecast in Azerbaijan from 3.3% to 2.8%, and forecasted economic growth of 3.2% for 2026 and 3.1% for 2027.

Fitch Solutions forecasted that nominal gross domestic product (GDP) will reach $98.7 billion in 2024, $107.7 billion in 2025, $117.6 billion in 2026, and $128 billion in 2027.

FS added that the main risk related to economic growth is the change in the price of oil. This factor will also affect the company's forecasts.

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