According to updated forecasts of the International Monetary Fund (IMF), oil GDP will increase by 0.2% in Azerbaijan this year, Eurasia Diary reports citing APA.
It has remained unchanged in comparison with the forecast of October of the previous year. An increase of 0.2% is expected in 2022. The IMF says that reduction of oil production within the framework of the OPEC+ agreement will weakly affect economic activity in Azerbaijan.
Furthermore, according to Fund’s forecasts, the non-oil GDP of Azerbaijan will increase by 3.5% this year (October forecast – an increase of 3%), while by 2.5% in 2022.
Note that the oil GDP of Azerbaijan decreasing by 7.2% in 2020 amounted to AZN 21,640 bln., while non-oil GDP decreasing by 2.6% amounted to AZN 50,793 bln.