International rating agency Standard & Poor’s affirmed long- and short-term sovereign credit rating of Azerbaijan in foreign and local currency at ‘BB+/B’.
According to S&P’s report, the Rating Outlook was changed to Stable from Negative.
“Azerbaijan’s GDP growth will average 3.3% for the next 4 years. In 2017, S&P expects country’s economic growth of 2.7% and real growth at 3.5% in 2019, 2020 and 2021. We expect that the dynamics of the economy of Azerbaijan will gradually change in the next few years.
In particular, we forecast average annual GDP growth of 3.3% until 2021. The main factor of economic growth of Azerbaijan will be supply of natural gas within the Shah Deniz Project 2, which is approaching to the end. The increase flow of investment and gas export will tell positively on Azerbaijan’s economic performance,” the report says.
Azerbaijan’s nominal GDP will continue its growth and by 2021 will increase from AZN 70 bn ($41 bn) up to AZN 99 bn ($52 bn). GDP per capita in Azerbaijan will make up $4,600 in 2018, $4,800 in 2019, $5,000 in 2020, and $5,100 in 2021. Also, inflation is expected to reduce to 5% by 2021. S&P expects inflation at the level of 8% in 2018 and at 5% in the next three years.
