ADB expects industrial production to accelerate in Azerbaijan in 2024

Industrial production in Azerbaijan will grow 0.5% in 2023 and 1% in 2024, Report informs, citing the updated April edition of the ADB Asian Development Outlook.

According to the document, the increase in industrial production will be mainly caused by further expansion of gas production.

As noted in the government's socio-economic strategy for 2022-2026, the recovery plan for the liberated territories will support public and private investment. However, construction sector growth will slow from 13.4% in 2022 to 12% in 2023 and to 11% in 2024 as key infrastructure projects are completed.

Agriculture in Azerbaijan is projected to grow by 3.8% in 2023 and 4% in 2024. The service sector is projected to grow to 7% in 2023 and to 7.5% next year, supported by retail and transport.