WB: Annual GDP growth in Azerbaijan to average 2.4% in 2019-2021

Wed 09 Oct 2019 06:14 GMT | 10:14 Local Time

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The annual GDP growth in Azerbaijan will average 2.4 percent in 2019-2021, Trend reports with reference to the latest World Bank Economic Update for Europe and Central Asia.

Annual GDP growth is forecast to average 2.4 percent in 2019–21, as oil output moderates and natural gas production peaks in 2020, reads the report.

“The current account surplus will average 6.5 percent of GDP through 2021, with a widening of the non-energy current account deficit,” the report said.

With projections of moderate GDP growth and inflation, living standards are expected to continue to improve, according to the report.

“Azerbaijan’s economy grew at an annual pace of 2.4 percent in the first half of 2019, driven by a surge in both natural gas output and the non-energy sectors,” the report said. “Non-energy GDP rose by 3.2 percent year on year, spurred by strong performances in agriculture, manufacturing, and the services sectors, while the downturn in construction sector lingered. Favorable terms of trade in early 2019 sustained a high current account surplus of 15 percent of GDP in the first quarter of the year.”

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