Economic growth in Azerbaijan in 2024 was 4.1% amid a slowdown in the decline in oil production and the effectiveness of Karabakh's reconstruction.This was announced by international rating agency Fitch.
The agency believes that in 2025 Azerbaijan's gross domestic product (GDP) will grow by 3%, and in 2026 by 2.4%. Thus, economic growth will average 2.7% in the next 2 years.
‘Economic growth will still be supported by public investment,’ the statement said.
Recall that the government forecasts gross domestic product growth of 3.5% this year and 2.8% next year.
Finance
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International rating agency Fitch has once again confirmed the long-term issuer default rating (IDR) of Azerbaijan in foreign currency at the level of ‘BBB -’.This is stated in the agency's statement.
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In December 2024, the State Customs Committee (SCC) transferred 646.45 million manat to the state budget, the SCC’s website. According to the data, this is a 4.4% increase compared to the same period in 2023. In particular, last year, customs duty revenues increased by 20.2% to 158.2 million manat, while VAT (Value Added Tax) revenues decreased by 0.45% to 463.5 million manat. Excise tax revenues increased by 6.2% to 19.55 million manat, and road tax revenues increased by 45.9%, amounting to 5.2 million manat.
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An auction for the placement of interest-bearing, unsecured, undocumented, registered bonds of the non-bank credit organization (NBCO) Embafinans with the code AZ2013020600 ISIN, worth 2 million manat for a one-year term, was held at the Baku Stock Exchange (BSE), the BSE reported.
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Zarifa Hamzaeva, the owner of 84.5% of Premiumbank's shares, has passed away, the Bank reported. She was also the wife of Jahangir Askerov, the founder and president of Gazelly Group, the leading cosmetics manufacturer in the country, and the former head of Azerbaijan Airlines (AZAL) (dismissed in September 2023).
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