WB: Economic growth in Azerbaijan surged to nearly 14% in September

Broad economic recovery in Azerbaijan continued in September, with growth surging to 13.7 percent year on year (yoy), Report informs referring to the "Azerbaijan Monthly Economic Update – November 2021" published by the World Bank.

This lifted the year-to-September growth rate to 4.8 percent yoy, from 3.6 percent as at end-August.

The energy sector grew strongly by 27 percent yoy, as oil production rebounded with relaxed OPEC+ quotas.

The non-energy sector grew by 9.5 percent yoy in September, considerably faster than in August (8.5 percent yoy growth).

Growth was broad-based with exceptionally high growth in non-energy manufacturing (25.4 percent), transport (25 percent) and hospitality (46.9 percent).

Other sectors also reported strong performances, such as agriculture (5.6 percent yoy growth) and retail trade (5.5 percent yoy growth).

On the demand side, high frequency data points to continued recovery in consumption, as small payments rose 6 percent month on month (mom) while credit and debit card transactions expanded by 8.2 percent mom in September.

Investments increased by 1.7 percent yoy in September, driven by a doubling of non-oil investments, but investments were still down by 8.7 percent yoy in the year-to September.