Azerbaijani Economy 8 august — 11:32

Moody's on increasing economic growth in Azerbaijan

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International rating agency Moody's expects acceleration of economic growth rates of Azerbaijan in 2019, the agency reports.

Thus, analysts of Moody's forecast the growth of the Azerbaijani economy in 2018 at the level of 1.5 per cent, and in 2019 - at a level of three per cent.

'Favourable external environment - oil prices in 2017 averaged $54 compared to $44 in 2016, the stability of the national currency and the reduction of inflation - led to a gradual recovery of the Azerbaijani economy. We expect that GDP growth in Azerbaijan in 2018 and 2019 will be 1.5 and 3 per cent, respectively. This is explained by further increase in oil prices and growth in exports of Azerbaijani products,' the agency's analysts note.

Recall that previously Fitch Ratings and Standard & Poor's approved the credit ratings of Azerbaijan. The reports of both agencies noted positive changes in the country's economy. In particular, S&P's forecasts that Azerbaijan's GDP will grow by an average of three per cent until 2022, while nominal GDP will rise from 79 billion to 93 billion manats over the same period. At the same time, unemployment will stay at about five per cent. Fitch notes that the country will continue to enjoy broad political and social stability.

According to the State Statistics Committee of Azerbaijan, the GDP of the country in January-June of 2018 amounted to almost 37.01 billion manats, which is 1.3 per cent more than in the same period in 2017.

According to the results of the reporting period, the volume of GDP produced in the non-oil sector of Azerbaijan increased by two per cent compared to the first half of 2017, while in the oil and gas sector there was an increase of 0.1 per cent.

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