Baku: Fitch Solutions has released its economic growth forecast for Azerbaijan, projecting a more steady growth profile over the next decade. The forecast anticipates an average growth rate of 2.9% for the period, a significant increase compared to the 1.7% growth witnessed from 2012 to 2022.

According to Azeri-Press News Agency, a country report by Fitch Solutions, a subsidiary of Fitch Group, outlines that Azerbaijan's extensive energy reserves, particularly natural gas, will continue to be a major growth driver. The report highlights that European demand for Azeri energy will play a crucial role in this growth trajectory. Since 2005, oil revenues have accounted for nearly 30% of Azerbaijan's GDP and over 75% of government revenues. Despite a potential decline in oil production, the proportion of GDP from oil is expected to remain significant due to a stable oil price growth outlook.

The report also recalls Fitch Solutions' earlier prediction of 2.6% economic growth for Azerbaijan in 2025, reaffirming the country's economic potential over the coming years.