Forecast: Azerbaijan's GDP growth rate to be 4.7%


June 23, Fineko/abc.az. International rating agency S&P Global Ratings predicts GDP growth of Azerbaijan in 2021 at the level of 2.4%.

ABC.AZ reports that in January 2021 S&P Global Ratings projected Azerbaijan's GDP growth at 2.1% this year.

"According to our estimates, the projected rate of growth of real GDP will be 2.4% in 2021 and average of 4.7% for 2022-23 after the economic downturn in 2020, the pandemic COVID-19," the statement reads.

The Azerbaijani government forecasts GDP growth of 3.4% for 2021.

The decline in Azerbaijan's GDP in 2020 was 4.3% due to restrictions on COVID-19 and a reduction in oil production within the OPEC+ deal.