S&P confirmed Azerbaijan’s rating at ‘BB+’

S&P agency reported on the confirmation of the Azerbaijan current rating. It is at the “BB+” level. The prognosis remained stable. Analysts of the agency noted the geopolitical tension reduction in the region due to the agreement on the cessation of hostilities. In their opinion, within the next year the state of the country’s financial system, as well as the balance of payments, will be stable. This will be facilitated by high oil prices, as well as an increase in gas production in Azerbaijan. Hydrocarbons are the country’s most significant export item. They account for almost 90% of all deliveries abroad. In 2021, the Azerbaijani economy showed a confident recovery. The country’s gross domestic product rose by 5.6% after falling in 2020. According to the prognosis of S&P analysts, by the end of 2022, the growth of the Azerbaijani economy may reach 2.7%. GDP growth is expected to slow to around 1% over the next three years as the oil sector of the economy slows down.

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Arseny Kudrin

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