Written by 8:17 am EU Investment

Azerbaijan expects investment growth in non-oil sector in 2023

Investment in Azerbaijan’s non-oil sector will rise in 2023,
Azernews reports, citing Fitch Solutions.

Investment prospects in Azerbaijan have improved significantly
and the real contribution of this component to economic growth will
increase to 1.3 percent in 2023 from an estimated 0.9 percent in
2022.

From 2011 to 2021, this indicator averaged 0.8 percent.

According to the Central Bank of Azerbaijan, capital investment
rose by 8.2% yearly in the first eleven months of 2022, following
an annual decline of 8.2% yearly in 2021 and 7.5% per annum in
2020.

The report adds that the growth of capital investment in the
non-oil-and-gas sector in 2021 was 7.2 percent, and in
January-November 2022, it totaled 9.1 percent in Azerbaijan.
Non-oil-and-gas sector benefitted from the EU sanctions on
Russia.

“We expect these flows to remain high in 2023 and therefore,
non-oil and gas capital investment will continue to rise,” the
report added.

Fitch Solutions believes that another source of investment is
likely to emerge in the EU and other countries that are seeking to
increase their energy trade with Azerbaijan as an alternative
source.

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