Azerbaijan’s economy is expected to grow by an average of 1.4%, Report informs, citing S&P Global Ratings.

S&P predicts real GDP growth in the country at 0% in 2023.

In nominal terms, Azerbaijan’s GDP in 2023 is projected to be ₼131 billion ($77 billion) compared to ₼134 billion ($79 billion) in 2022. This figure is expected to reach ₼137 billion ($81 billion) in 2024, ₼143 billion manats ($84 billion) in 2024, and ₼148 billion manats ($87 billion) in 2026.

Azerbaijan’s economy is heavily dependent on the hydrocarbon sector, with oil and gas accounting for 90% of exports and about 50% of GDP, the agency said, adding that the country’s economy currently benefits from favorable oil prices, which in turn support the financial position and balance of payments Azerbaijan.